US consumer price inflation slows as Fed mulls next interest rate rise      

The US Federal Reserve has indicated that several monthly declines in inflation growth would be needed to end its aggressive monetary policy tightening.

Prices at the pump spiked in the first half of this year, but have since dropped.

US consumer prices were unchanged on average in July due to a sharp drop in the cost of petrol, delivering the first notable sign of relief for inflation. 

Consumer prices were flat in the month after advancing 1.3% in June, official figures showed, even as underlying inflation pressures remain elevated.