{
  "id": 664987,
  "title": "US inflation cooled slightly to 3.4% in July, according to latest data",
  "url": "https://urgent.news/2026/08/12/us-inflation-cooled-slightly-to-3-4-in-july-according-to-latest-data",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-12T12:39:46.000Z",
  "source": {
    "name": "Guardian Business",
    "slug": "guardian-business",
    "url": "https://www.theguardian.com/business/2026/aug/12/inflation-data-july"
  },
  "original_language": "en",
  "account": "In July, the annualized inflation rate in the United States dropped to 3.4%, according to the latest data. Gasoline prices are still about $0.85 higher than they were before the Iran war, while energy prices have decreased slightly compared to the previous month. Gasoline is currently averaging $4 a gallon at the pump, which is nearly $0.85 higher than a year ago. Despite the cooling inflation, prices remain higher than before the war with Iran. Food and service prices, including shelter, transportation, and medical care, have risen by 3% each compared to last year. However, grocery prices have dropped slightly, with lettuce being 16% cheaper than a year ago. The price of Brent crude oil, the international benchmark for oil prices, fell in June when the US and Iran reached a peace agreement. However, prices rose again when the deal collapsed in July. The latest negotiations to end the war and reopen the Hormuz Strait, a vital waterway for global oil trade, have reached a stalemate. The recent jobs report also showed a sharp drop in American employment, with employers unexpectedly losing 23,000 jobs in July. Additionally, wage gains for hourly employees decreased by 0.2% after adjusting for inflation. The Federal Reserve is currently deciding whether to raise interest rates to combat persistent inflation. Fed officials voted 9-3 to maintain rates, marking the first time in a decade that three board members disagreed on a policy decision. The latest inflation data is likely to reduce pressure on the Fed to increase rates. Fed Chair Kevin Warsh has pledged to deliver price stability and bring inflation down to the Fed's target of 2%. While interest rates could be part of the solution, Warsh has ruled out using them \"in isolation.\" Some bank presidents have been pushing for rate hikes, as inflation continues to rise too rapidly.",
  "summary": "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…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 12,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "US CPI data set to show softer inflation in July as markets reassess Fed rate hike bets",
        "url": "https://urgent.news/2026/08/12/us-cpi-data-set-to-show-softer-inflation-in-july-as-markets-reassess",
        "published": "2026-08-12T08:30:00.000Z"
      },
      {
        "outlet": "Hindu BusinessLine",
        "title": "Groww adds over 70,000 active clients in July: NSE data",
        "url": "https://urgent.news/2026/08/12/groww-adds-over-70-000-active-clients-in-july-nse-data",
        "published": "2026-08-12T09:56:45.000Z"
      },
      {
        "outlet": "The Economic Times - Economy",
        "title": "India’s July inflation quickens to 4.45% from 4.38% in June, stays above RBI target",
        "url": "https://urgent.news/2026/08/12/indias-july-inflation-quickens-to-4-45-from-4-38-in-june-stays-above",
        "published": "2026-08-12T10:34:13.000Z"
      },
      {
        "outlet": "Times of India",
        "title": "CPI data: Retail inflation moves up to 4.45% in July; above RBI's target for 2nd month",
        "url": "https://urgent.news/2026/08/12/cpi-data-retail-inflation-moves-up-to-4-45-in-july-above-rbis-target",
        "published": "2026-08-12T10:53:40.000Z"
      },
      {
        "outlet": "CNBC World",
        "title": "India’s inflation accelerates to 4.45% in July, raising hopes of a rate hike later this year",
        "url": "https://urgent.news/2026/08/12/indias-inflation-accelerates-to-4-45-in-july-raising-hopes-of-a-rate",
        "published": "2026-08-12T11:01:06.000Z"
      },
      {
        "outlet": "Business Recorder",
        "title": "India July inflation accelerates to 4.45%, unlikely to alter RBI rate outlook",
        "url": "https://urgent.news/2026/08/12/india-july-inflation-accelerates-to-4-45-unlikely-to-alter-rbi-rate",
        "published": "2026-08-12T11:21:45.000Z"
      },
      {
        "outlet": "The Hill",
        "title": "Inflation fell in July as Iran war marches on",
        "url": "https://urgent.news/2026/08/12/inflation-fell-in-july-as-iran-war-marches-on",
        "published": "2026-08-12T12:46:18.000Z"
      },
      {
        "outlet": "WSJ Economy",
        "title": "The inflation rate cooled to 3.4% in July, the Labor Department said Wednesday, lower than June’s 3.5%",
        "url": "https://urgent.news/2026/08/12/the-inflation-rate-cooled-to-3-4-in-july-the-labor-department-said",
        "published": "2026-08-12T13:03:00.000Z"
      },
      {
        "outlet": "CBS News",
        "title": "CPI report shows inflation eased in July to a 3.4% annual pace",
        "url": "https://urgent.news/2026/08/12/cpi-report-shows-inflation-eased-in-july-to-a-3-4-annual-pace",
        "published": "2026-08-12T13:05:05.000Z"
      },
      {
        "outlet": "RTHK News - Finance",
        "title": "US inflation cools slightly to 3.4pc in July",
        "url": "https://urgent.news/2026/08/12/us-inflation-cools-slightly-to-3-4pc-in-july",
        "published": "2026-08-12T13:40:03.000Z"
      },
      {
        "outlet": "NPR",
        "title": "Inflation eases in July as gasoline and grocery prices fall",
        "url": "https://urgent.news/2026/08/12/inflation-eases-in-july-as-gasoline-and-grocery-prices-fall",
        "published": "2026-08-12T14:00:29.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}