Inflation likely cooled last month as gas prices declined, providing consumers with some welcome relief even as renewed combat with Iran has sent oil prices climbing again
By Robert Romano Consumer prices fell in June 0.4 percent, following a renewed, short-lived ceasefire in the Iran war, with 12-month inflation dropping from 4.2 percent to 3.5 percent, according to the U.S. Bureau of Labor Statistics .
A U.S.-Iran deal in mid-June caused oil prices – and inflation rates – to plunge globally. What happens next depends on the antagonists vying over the strategic Strait of Hormuz.
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