Education AI Computer Science

Faith Maeba, a student at Virginia Commonwealth University, shares an assignment she completed assignment for her Practical AI Synthesis course at her home, Monday, July 20, 2026, in Stafford, Va.

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

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

U.S. inflation slowed last month and a measure of underlying price pressures also cooled, suggesting higher oil and gas prices from the Iran war are only having a limited impact on broader costs in the economy. Consumer prices rose 3.4% in July from a year ago, down slightly from 3.5% in June, the Labor Department said Wednesday. But inflation is still higher than before the Iran war began in February, when it was 2.4%. On a monthly basis, prices rose just 0.1% from June to July.