Falling gas prices likely cut inflation last month but renewal of Iran war could undo progress

Falling gas prices are expected to reduce inflation in June, with consumer prices forecast to drop 0.2%, marking the first decline in nearly four years. However, renewed U.S.-Iran tensions have pushed oil prices up, threatening to reverse progress. The Federal Reserve is monitoring core inflation, which is projected to rise 0.2% monthly, while officials debate potential rate hikes.