Forex
Inflation Eases as Energy Prices Fall
US inflation cooled to 3.4% in July as energy prices delivered less of a bite, according to new data released by the Bureau of Labor Statistics.
The Consumer Price Index showed that prices rose 0.1% on a monthly basis, matching economists' expectations.
The slowdown in price increases could ease pressure on the Federal Reserve to hike interest rates, as Chairman Kevin Warsh has said the bank is committed to bringing down inflation, which has run above the 2% target for years.
Gas prices fell 2.9% in July from the month before, helping to keep a lid on inflation.
The shelter index, which accounts for about one-third of the overall CPI basket, rose just 0.1% in July as prices fell at hotels, motels and other away-from-home accommodations.