Inflation Slowed During Pause in War With Iran

The Consumer Price Index fell to a 3.5 percent annual increase in June, and prices marked their biggest drop from a month earlier since 2020.Workers unloading produce at a grocery store in Brooklyn, N.Y. in April. “The more oil stays elevated, the more you get second-round effects on things like airlines and transportation and even food prices,” said Michael Gapen, chief U.S. economist at Morgan Stanley.