Economists expect headline CPI inflation to moderate slightly to 3.4% in the 12 months through July, compared with 3.5% previously. Excluding the more volatile food and energy categories, "core" CPI inflation is forecast to ease to 2.5% from 2.6%. Retail sales offer another test of U.S. consumer strengthInvestors will also receive July retail sales figures from the U.S. Census Bureau, providing another indication of how consumer spending performed at the beginning of the third quarter. Economists expect monthly retail sales growth to slow to 0.1% from 0.2%. June's reading was held back partly by lower gasoline prices, although stronger online spending and increased motor vehicle purchases provided some support.