Prices rose 0.1% month over month and 3.4% year over year in July, according to the latest Consumer Price Index (CPI) survey. Core CPI — which excludes food and energy costs — rose 0.2% monthly and 2.5% yearly. Scott Melker outlines how the recent inflation data might impact the odds of an interest rate hike from the Federal Reserve. "The Daily Wolf with Scott Melker" airs every day at 12:00 p.m. Make sure to also check out Yahoo Finance's new crypto hub to find the latest crypto-related news.