Mortgage and student loan balances saw ‘small decline’ with increases elsewhere, says post alongside Fed report

Credit card debt in the United States is growing close to a record high, having crept up from $54bn to $1.26tn between April and June compared with the same period last year, according to a report by the Federal Reserve Bank of New York.

That figure is just shy of last year’s record high of $1.28tn.

Energy is cheaper than at its peak in late April, but gas is still nearly $1 a gallon more expensive than before the Iran war

US consumer prices cooled slightly in July as the annualized inflation rate dipped down to 3.4%, though prices still remain higher than levels seen before the war with Iran.

Though inflation decreased 0.7 percentage points in June during a brief ceasefire between the US and Iran that brought energy prices down, consumer prices have remained elevated. Price increases hit a three-year high in May, with annual inflation reaching 4.2%.