3.4% — That's the headline figure for annual inflation in June, according to fresh CSO data, eased from 3.6% in May and hitting a four-month low. Looks like a win for the household budget, right? Don't pop the cork just yet. The details tell a nastier story: home-heating oil has surged 49% in the past year, diesel and petrol are climbing, and the conflict in the Gulf is about to pour fuel on a fire that never really went out.

Money Moves

• **Inflation's...