Inflation cools to 3.5% in June in relief brought by brief US-Iran peace deal

Inflation dipped to 3.5% in June, largely due to a temporary US-Iran peace deal that led to a drop in energy prices, according to the Bureau of Labor Statistics. The consumer price index, which had been rising due to elevated energy costs since the start of the war, showed signs of relief as gas prices decreased. This brief respite, however, was overshadowed by renewed strikes causing oil prices to climb again. The temporary nature of this inflation relief highlights the ongoing volatility in global energy markets and its impact on consumer prices.