US inflation cooled slightly to 3.4% in July, according to latest data
Summary
U.S. inflation slowed to 3.4% in July but remains higher than before the conflict with Iran. Job numbers showed a surprise loss of 23,000 positions in July, and inflation pressure may affect upcoming Federal Reserve decisions on interest rates.Key Facts
- Inflation in the U.S. dropped slightly to 3.4% in July from higher levels earlier in the year.
- Inflation peaked at 4.2% in May, the highest in three years.
- Energy prices fell during a June U.S.-Iran ceasefire but rose again after the deal ended in July.
- Gasoline costs about $4 per gallon, about 85 cents more than last year.
- The U.S. lost 23,000 jobs in July, more than expected, with previous months' job gains revised down.
- Negotiations to end the conflict in the Middle East and reopen a key oil route are stalled.
- President Donald Trump wants Iran to pay for past deaths to agree on a deal; Iran likely disagrees.
- Federal Reserve officials are divided on whether to raise interest rates to control inflation.
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