US consumer inflation falls to 3.4% year-on-year in July

U.S. consumer inflation slowed slightly to 3.4 percent in July despite turbulent oil prices due to the Iran war, government data showed, with the data likely giving the Federal Reserve room to breathe on interest rates.

The consumer price index (CPI) rose 0.1 percent from a month earlier, but fell on a year-on-year basis, according to data released by the U.S. Bureau of Labor Statistics. The data was in line with analyst expectations.