Inflation slowed sharply — but it may not last

Annual inflation hit 3.5% in June, down from May's more than three-year high — but the resumption of the conflict with Iran threaten to push up inflation as energy costs once again spike. Annual inflation hit 3.5% in June, down from May's more than three-year high — but the resumption of the conflict with Iran threaten to push up inflation as energy costs once again spike.