US Inflation Slows to 3.4% Amid Gas Price Drop

Consumer prices in the United States grew by 3.4% year-over-year in July, down from June's 3.5% rate.

The Labor Department released data on Wednesday showing inflation remains above its pre-war level of 2.4%, recorded in February.

Month-over-month, prices edged up by only 0.1% between June and July.

A slight decrease in gasoline costs contributed to the reduction in overall inflation rates.

However, cost increases continue to outpace average wage growth, maintaining financial pressure on American households managing higher bills for groceries, fuel, and healthcare.