US Inflation Reached 3.4% in July

US consumer prices rose in line with economists' forecasts last month. Annual inflation came in at 3.4% in July, down from 3.5% in June, while prices rose 0.1% from the previous month, following an unexpected 0.4% drop in June.

Core inflation, which strips out volatile food and energy costs, held at 2.5% year-over-year and 0.2% month-over-month.

Energy prices climbed in July as the ceasefire between the United States and Iran ended and oil prices rose. Average gas station prices, however, stayed slightly below June's levels, according to the US Energy Information Administration.

Stock futures ticked up shortly after the data was released, with the Dow Jones gaining 0.25%, the S&P 500 rising 0.37% and the Nasdaq 100 climbing 0.84%.

(Reuters, bak)