According to CoinMeta, the CPI report on Wednesday showed that the pace of price increases for various goods and services has slowed down, which may reduce the urgency for the Federal Reserve to raise interest rates in the near term. Data released by the U.S. Bureau of Labor Statistics showed that the Consumer Price Index ( CPI ) rose 0.1% month-on-month after seasonal adjustments in July. The core CPI index, excluding food and energy prices, rose 0.2% month-on-month. Year-on-year, CPI and the core CPI rose 3.4% and 2.5% respectively. Although inflation levels are still significantly higher than the Federal Reserve's target of 2%, the more modest monthly increase in July, combined with similarly modest data from June, indicates that the inflationary trend driven by energy prices earlier this year is beginning to ease. However, prices are still subject to significant fluctuations and can be easily affected by ongoing changes in the Middle East situation.