Inflation slows but prices remain elevated as Iran war and spending on AI push up prices
WASHINGTON (AP) — U.S. inflation declined slightly last month as the cost of gas and groceries slipped, though prices are still rising more quickly than before the Iran war, posing challenges for the White House as the midterm elections near. Consumer prices increased 3.4% in July from a year ago, down slightly from 3.5% in June, the Labor Department said Wednesday. Inflation had fallen to 2.4% before the Iran war. On a monthly basis, prices rose just 0.1% from June to July. The mild decrease is the second straight decline after sharply higher gas prices pushed inflation to 4.2% in ...