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Inflation Drops But Risks Linger | Duluth News
Consumer inflation unexpectedly cooled last month, dropping to 3.5%—a sharp fall from 4.2% and better than forecast. Falling energy prices, especially at the pump, drove the drop, with gas prices down nearly 6%. Core inflation, excluding volatile food and energy, held steady at 0% but slowed to 2.6% annually. However, Middle East tensions are pushing energy prices back up, raising inflation concerns. Food costs rose for the third straight month, led by beef and eggs, while housing remains stubbornly high. The Fed is likely to hold rates steady this month but may hike in September, balancing…
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