US Annual Inflation Eases to 3.4% in July as Food Prices Cool

The United States saw its annual inflation rate ease to 3.4% in July, marking a modest decline in price pressures. A slowdown in food costs was a key contributor to the overall dip in inflation. However, elevated housing costs continued to exert upward pressure on prices, preventing a sharper fall. The data suggests a gradual cooling of inflation, though some sectors remain persistently expensive for consumers.