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August 13, 2026

Inflation slows but prices remain elevated as Iran war and spending on AI push up prices

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON — U.S. inflation declined slightly last month as the cost of gas and groceries slipped, though prices are still rising more quickly than before the Iran war, posing challenges for the White House as the midterm elections near.

Consumer prices increased 3.4% in July from a year ago, down slightly from 3.5% in June, the Labor Department said Wednesday. Inflation had fallen to 2.4% before the Iran war. On a monthly basis, prices rose just 0.1% from June to July.


 
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