CPI report shows inflation eased in July to a 3.4% annual pace

TL;DR

Inflation eased to a 3.4% annual pace in July, the second consecutive month of decline.
Core CPI, excluding food and energy, slowed to a 2.5% annual rate.
Inflation remains above pre-war levels and outpaces wage growth.
July's inflation data and a weak jobs report may lead the Federal Reserve to hold interest rates steady in September.
Energy prices, particularly gasoline, saw significant increases in July due to geopolitical tensions, though gas prices were slightly cheaper than in June.
The Federal Reserve will receive one more CPI report before its September interest rate decision.

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