Recent strikes have sent oil prices climbing again, with average gas price per gallon up by 70 cents on last year
Inflation cooled to an annual rate of 3.5% in June as the brief US-Iran ceasefire, which has since ended, brought energy prices down, according to new data from the Bureau of Labor Statistics.
The consumer price index (CPI), which measures a basket of goods and services, has been elevated since the start of the war, largely because of higher energy prices. After mostly staying under 3% since mid-2024, CPI reached a three-year high of 4.2% in May – up from 2.4% in February. Stripping out volatile energy and food prices, core inflation decreased slightly to 2.6%.