US Inflation Rate Remains Elevated Amid Trade Tensions

The US inflation rate remains stubbornly high, standing at 3.7% in July compared to last year, according to the Commerce Department's personal consumption expenditures price index.

This is the same as June and noticeably above the Federal Reserve's target of 2%, which has been unchanged for months.

The Iran war and ongoing US trade fights with Canada and China have pushed up gas prices, while spending on AI infrastructure has driven up the cost of computers, gaming consoles, and semiconductors.