US inflation fell more than expected to 3.5% in June as petrol prices tumbled

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 Bureau of Labor Statistics is set to report the consumer price index for last month at 8:30 a.m. ET on Tuesday.

Almost all of that decline will be because gas and oil prices fell by an extraordinary amount last month after President Donald Trump signed a Memorandum of Understanding with Iran.

The seasonably-adjusted consumer price index fell 0.4%, when analysts expected it to be 0.2%.