In July, consumers’ prices for various goods and services rose 8.5 percent. On a monthly basis, prices were flat as energy prices broadly declined 4.6 percent and gasoline fell 7.7 percent. That offset a 1.1 percent monthly gain in food prices and a 0.5 percent increase in shelter costs. 

Economists surveyed by Dow Jones expected headline CPI to increase 8.7 percent annually and 0.2 percent monthly. Excluding volatile food and energy prices, so-called core CPI rose 5.9 percent annually and 0.3 percent monthly, compared with an estimated 6.1 percent and 0.5 percent. 

Even with the lower-than-expected numbers, inflation pressures remained strong. 

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