July inflation cools in the US as food and energy costs ease

US inflation eased in July, rising 3.4% from a year earlier (down from 3.5% in June) with a 0.1% monthly increase driven mainly by housing costs. Gasoline prices fell 2.9% from June but were up 24.6% year over year, while food prices rose only modestly and energy prices fell. Core inflation excluding food and energy rose 0.2%. Analysts say inflation is decelerating rather than rebounding, keeping the Federal Reserve on a cautious path, with markets largely calm as expectations align with steady rates. The report notes energy volatility and rent effects on the headline figure, underscoring the ongoing challenge for price stability.)