US Inflation Gauge Remains Elevated Amid Iran Conflict and Trade Tensions

The personal consumption expenditures price index (PCE) remained elevated in July, showing that prices rose 3.7% compared to a year earlier, the same as June.

This is the latest sign that many Americans are struggling with higher costs, particularly with gas prices remaining high due to the Iran conflict and ongoing US trade fights.

Despite falling gas prices, the cost of services increased in July, including health care, utilities, and financial services.