US Annual Inflation Rate Stabilizes in July, Slowing to 3.4 Percent

Stabilizing energy prices helped cool off inflation pressures for the second straight month, new government data released on Aug. 12 show.

July's U.S. annual inflation rate slowed to 3.4 percent, from 3.5 percent in the previous month, according to the Bureau of Labor Statistics' Consumer Price Index report.

This was in line with economists' expectations.