U.S. Price Growth Slowed in July, Easing Pressure on Borrowers

Prices rose just 0.1% in July, bringing annual inflation to 3.4%, down from 3.5% in June, the BLS reported August 12. Inflation is how fast overall prices climb. The slowdown, coming after weak hiring data, makes it harder for the Federal Reserve to justify raising interest rates further — though oil costs remain a risk.