Inflation cooled in July as consumer prices rose 3.4% from a year ago, marking a smaller annual increase than previous months due to falling gasoline and grocery prices.
Average petrol prices in the United States have risen to $4 per gallon, driven by escalating tensions between the US and Iran in the Middle East. This increase reverses a period of easing costs and could have wider economic implications, impacting groceries and upcoming US midterm elections.
US grocery prices increased 2.9% in April YoY, driven by high fuel costs due to the Iran war, trade policies, and extreme weather, with food prices expected to rise further.
