Business Highlights: Inflation trends, EV credits

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US inflation will likely stay high even as gas prices fall

WASHINGTON (AP) — Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months. Thanks largely to falling gas prices, the government’s inflation report for July, to be released Wednesday morning, is expected to show that prices jumped 8.7% from a year earlier — still a sizzling pace but a slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades. The forecast by economists, if it proves correct, would raise hopes that inflation might have peaked and that the run of punishingly higher prices is beginning to ease.

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Most electric vehicles won’t qualify for federal tax credit

DETROIT (AP) — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry warns that the vast majority of EV purchases won’t qualify for a tax credit that large. That’s mainly because of the bill’s requirement that, to qualify for the credit, an electric vehicle must contain a battery built in North America with minerals mined or recycled on the continent. And those rules become more stringent over time — to the point where, in a few years, it’s possible that no EVs would qualify for the tax credit.

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‘The Sacrifice Zone’: Myanmar bears cost of green energy

The birds no longer sing. The cows die. And if the people in this northern Myanmar forest complain, they too face the threat of death from militias. This forest is the source of key metallic elements known as rare earths, often called the vitamins of the modern world. Rare earths turn up in everything from hard drives...