US Inflation Eases In July

U.S. consumer prices rose 0.1% in July, bringing annual inflation to 3.4%, down from 3.5% in June, the Bureau of Labor Statistics reported. Core CPI, excluding food and energy, increased 0.2% on the month and slowed to 2.5% over the year, indicating underlying price pressures cooled. Gasoline prices fell 2.9% from June while remaining 24.6% above year-earlier levels, and grocery costs slipped. Traders lowered odds of a September Federal Reserve rate hike after the in-line report.