US inflation rate eases to 3.5% as gasoline prices fall
Summary
The US inflation rate decreased to 3.5% in June, mainly because gasoline prices dropped. However, inflation may rise again soon due to higher oil prices after new military actions in the Middle East and changes to shipping rules.Key Facts
- Inflation in the US was 3.5% for the year ending in June, down from 4.2% in May.
- Gasoline prices fell by 9.7% in June but remain higher than last year.
- The average gas price recently increased to $3.86 per gallon, up from $3.79 a week earlier.
- Oil prices rose sharply, with Brent crude reaching $87 per barrel after a $10 jump in 24 hours.
- The price rise followed US military strikes on Iran and President Donald Trump’s new naval blockade in the Strait of Hormuz.
- A 20% fee was imposed on all cargo passing through this important global shipping route.
- The price changes in oil and gasoline could cause inflation to increase again soon.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
