US inflation eases to 3.4% as shelter costs remain the stubborn holdout

US inflation slowed to 3.4% last month, driven by a decrease in gas prices. While overall price pressures cooled, shelter costs remain a stubborn holdout that could challenge the Fed's inflation target and impact long-term economic stability. Data suggests that higher oil and gas prices resulting from the Iran war are currently having only a limited impact on broader costs, although general expenses remain elevated despite the recent cooling trend in consumer prices.