Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%

A key inflation reading Wednesday showed prices moderating across a range of goods and services, possibly taking the urgency out of an imminent interest rate hike. The consumer price index, part of the Federal Reserve's inflation dashboard, showed a seasonally adjusted increase of 0.1% during July, according to the Bureau of Labor Statistics. Excluding food and energy, so-called core CPI rose 0.2%. On an annual basis, the inflation rates were 3.4% and 2.5%. All of the readings were line with the Dow Jones consensus forecasts. Though the levels held well above the Fed's 2% target, the tame monthly readings, coupled with similarly moderate levels in June, indicate that the energy-fueled burst earlier in the year is easing, though prices remain volatile and subject to constantly changing conditions in the Middle East. Stock market futures rose following the release while Treasury yields were negative across the board. This is breaking news. Please refresh for updates.