Consumer prices continue to rise in July, but at a slower pace

Prices for U.S. consumers rose last month but at the slowest pace since February, a sign that Americans may gain some relief after four months of sharp increases that have imposed a financial burden on the nation's households.

Wednesday's report from the Labor Department showed that consumer prices jumped 0.5% from June to July, down from the previous monthly increase of 0.9%. They have increased a substantial 5.4% compared with a year earlier. Excluding volatile oil and gas prices, so-called core inflation rose 4.3% in the past year, down from 4.5% in June.