The consumer price index rose 3.4% year-over-year in July, slightly down from 3.5% in June. Energy prices surged 14.7% annually, with gasoline up 24.6% and fuel oil up 39.1%. The national average price for gasoline stood at $4.04 per gallon, compared with about $3.14 a year earlier. Airline fares also climbed 25.5% over the period, while food prices increased by only 3%. The Federal Reserve kept its benchmark rate in a range between 3.5% and 3.75%, though a rate hike could occur in the coming months.
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