US consumer prices fall for first time since COVID era — but Iran conflict poses new threat

US consumer prices fell for the first time since the early days of the COVID-19 pandemic, driven largely by a plunge in gas prices during a recent ceasefire with Iran. However, economists warn that the renewed conflict over the Strait of Hormuz poses a fresh threat to price stability. The Federal Reserve and analysts cautioned that the battle against high inflation is far from over despite the temporary relief.