Inflation cooled to 3.4% in July, quietly beating forecasts and resetting the policy debate. At a Glance Consumer prices rose 0.1% in July and 3.4% over 12 months. Annual inflation eased from June’s 3.5% pace, the second straight drop. Energy fell 1.5% in July; shelter edged up 0.1% and drove most of the monthly rise....
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The economy, inflation and how these forces could affect the lives of Americans were in the forefront during the last week. Visits to the supermarket and gas station are more painful than last year, and rising costs influence household and business decisions.