US July consumer prices rise 3.4% year-on-year, meeting forecasts

The US Bureau of Labor Statistics said Wednesday that the consumer price index rose 3.4 percent in July from a year earlier.

The annual gain eased from 3.5 percent in June. On a monthly basis, prices rose 0.1 percent.

Core CPI, which strips out energy and food, climbed 2.5 percent year-on-year, also slowing from 2.6 percent in June. Month-on-month, core prices rose 0.2 percent.

Both the headline and core CPI readings, on annual and monthly bases, matched economist forecasts compiled by Dow Jones.