Lower energy prices helped dampen the gain in the Consumer Price Index.

Inflation likely cooled last month as gas prices declined, providing consumers with some welcome relief even as renewed combat with Iran has sent oil prices climbing again

The consumer price index in June was expected to increase 3.8% from a year ago.

Inflation fell seven-tenths of a percentage point in June to 3.5%, a huge drop and the first such decline in five months.

...led by a huge drop in energy costs.