Inflation eased slightly in July, CPI report shows

Inflation eased for the second consecutive month, rising at a 3.4% annual pace in July, in line with economists' expectations and a signal that some price pressures may be easing. By the numbersEconomists polled by the financial data firm FactSet predicted July inflation rose at an annual rate of 3.4%.Oil prices surged in July as tensions escalated in the Strait of Hormuz and Iran-backed Houthi rebels in Yemen targeted shipping in the Red Sea. The escalating conflict pushed Brent crude, the international benchmark, from about $71 a barrel at the start of the month to above $100 by July 23. While oil prices have eased since then, American drivers paid an average of $4.06 for a gallon of gasoline last month, data from the U.S. Energy Information Administration showed.

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