U.S. inflation cools to 3.4% in July as core CPI slips to 2.5%
U.S. consumer prices rose 3.4% in July from a year earlier, easing from 3.5% in June, Labor Department data show. Core inflation, which excludes food and energy, was 2.5% year over year, also lower than the prior reading. Energy prices fell 1.5% on the month, though gasoline remained up 24.5% from a year earlier and fuel oil rose more than 39%. Food and medical services costs each increased 2.7% year over year.