Inflation cools to 3.5% in June in relief brought by brief US-Iran deal
Summary
Inflation in the U.S. slowed to 3.5% in June, partly due to a brief peace deal between the U.S. and Iran that lowered energy prices. However, recent tensions between the two countries have caused oil prices and gas prices to rise again, keeping inflation concerns alive.Key Facts
- Inflation fell to 3.5% annually in June, down from 4.2% in May.
- Core inflation, which excludes food and energy, slightly decreased to 2.6%.
- The U.S.-Iran ceasefire briefly lowered energy costs but ended, causing prices to rise again.
- Brent crude oil prices rose to $80 per barrel in July after dropping to $67 earlier.
- The national average gas price increased to $3.87 per gallon, 70 cents higher than last year.
- Higher energy costs have caused price increases in other areas, like air travel.
- The job market added an average of 111,000 jobs per month from April to June.
- The Federal Reserve will meet in late July to consider inflation and job market data before deciding on interest rates.
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