The Guardian · US news · Original story
US inflation cooled slightly to 3.4% in July but prices still elevated
Energy is cheaper than at its peak in late April, but gas is still nearly $1 a gallon more expensive than before the Iran war
US consumer prices cooled slightly in July as the annualized inflation rate dipped down to 3.4%, though prices still remain higher than levels seen before the war with Iran.
Though inflation decreased 0.7% in June during a brief ceasefire between the US and Iran that brought energy prices down, consumer prices have remained elevated. Price increases hit a three-year high in May, with annual inflation reaching 4.2%.
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Gaya Gupta · Wed, Aug 12, 2026, 5:39 AM
US news | The Guardian
Energy is cheaper than at its peak in late April, but gas is still nearly $1 a gallon more expensive than before the Iran war
US consumer prices cooled slightly in July as the annualized inflation rate dipped down to 3.4%, though prices still remain higher than levels seen before the war with Iran.
Though inflation decreased 0.7% in June during a brief ceasefire between the US and Iran that brought energy prices down, consumer prices have remained elevated. Price increases hit a three-year high in May, with annual inflation reaching 4.2%.
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