Business NewsInflation cooled last month as gas prices fell, though costs remain elevatedInflation cooled last monthFILE - A person loads groceries in plastic bags into their vehicle, May 18, 2026, at a grocery store in Cincinnati. Consumer prices rose 3.4% in July from a year ago, down slightly from 3.5% in June, the Labor Department said Wednesday. Then this spring, the Iran war raised oil and gas costs, pushing inflation to its highest level in three years. Average gas prices were lower last month than in June, so that should reduce last month’s inflation reading. But gas prices rose again in late July and earlier this month, meaning inflation could pick up again when August’s figures are released next month, adding a layer of uncertainty.