U.S. consumers felt a bit of relief in June as prices eased somewhat. The Consumer Price Index, published by the Bureau of Labor Statistics, eased to 3.5 percent during the month, a decrease of 0.7 percentage points from May – due especially to softer energy prices. Reduced gasoline prices were also the key driver that boosted the Consumer Sentiment Index, which increased to 54.4 points in the preliminary July reading published by the University of Michigan. The Consumer Sentiment Index now sits at its best reading since February, before the conflict in Iran began. Reduced inflation and stronger consumer sentiment are undeniably favorable. But the outlook remains fraught as the recent breakdown in the ceasefire between the United States and Iran has increased gasoline prices anew.