US Annual Inflation Rate Slows to 3.4% in July

The US annual inflation rate has cooled down to 3.4% in July, according to new data released by the Bureau of Labor Statistics.

This marks a slowdown for the second consecutive month and is in line with economists' expectations.

The latest Consumer Price Index showed that prices rose 0.1% on a monthly basis.

The easing of energy prices, particularly gas prices which fell by 2.9% in July from the previous month, has contributed to this decline.

This development could also ease pressure on the Federal Reserve to hike interest rates, as Chairman Kevin Warsh has stated that the bank is committed to bringing down inflation, which has run above the 2% target for years.