Inflation Eased Again in July. But The Middle East Energy Shock Is Putting The Relief at Risk.

The Consumer Price Index rose just 0.1% in July after declining 0.4% in June, and annual inflation eased to 3.4% from 3.5% the previous month. (Credit: Getty Images)

Inflation delivered another month of relief for American households in July, but the latest numbers may already be looking backward as renewed fighting in the Middle East pushes energy prices higher and raises fresh questions about how long the improvement can last.

The Consumer Price Index rose just 0.1% in July after declining 0.4% in June, according to data released Wednesday by the Bureau of Labor Statistics. Annual inflation eased to 3.4% from 3.5% the previous month.