The consumer price index showed modest inflation in July after a spike in May driven largely by higher energy costs. The July consumer price index showed prices increased 0.1% for the month. Over the 12-month period ending in July, consumer prices rose 3.4%, down from 4.2% in the year ending in May. Energy prices fell for a second straight month in July, dropping 1.5%. But renewed conflict in the region has disrupted movement through the Strait of Hormuz, a critical global shipping route for energy markets, contributing to higher energy costs.