US Inflation Rate Dips Amid Escalating Tensions with Iran

Inflation in the US ticked down slightly in July, to 3.4 percent from 3.5 percent in June, amid ongoing tensions between the US and Iran.

The consumer price index (CPI) increased 0.1 percent last month, according to data released by the Bureau of Labor Statistics (BLS), but remains above the Federal Reserve's 2 percent target.

Energy prices were down 1.5 percent in July, after falling 5.7 percent from May to June, while food prices increased 0.1 percent for the fourth consecutive monthly rise.