The latest inflation data showed price growth easing slightly in July, even though recent re-escalations in the war with Iran have sparked oil price volatility. On a monthly basis, prices rose 0.1% from June, after a surprise 0.4% drop. Energy prices rose over the course of July after a ceasefire between the US and Iran fell apart and oil prices moved higher, but prices at the pump remained slightly lower on average than they were in June, according to US Energy Information Administration data. Core inflation, which strips out volatile food and energy prices, was up 2.5% from a year ago, and 0.2% from June. Although recent inflation readings remain well above the Fed's 2% target, the US shed jobs last month.