A new report released on Wednesday morning offers the latest sign of where prices are headed. That’s still well above the 2.4% rate before the Iran War began in February. While several factors shape consumer prices, the shift happened alongside a turning point in the conflict with Iran. According to the CME’s FedWatch gauge, traders see the Fed’s September meeting as presenting a 50-50 chance for an interest rate increase, with higher odds in October or December. Wednesday’s modest inflation report could ease pressure on the central bank to approve a rate hike quickly, as the president continues to push for cuts.