The Consumer Price Index (CPI) rose 3.4% year-over-year in July, line with the annual inflation economists expected and down from June’s 3.5% increase, the Bureau of Labor Statistics reported Wednesday.

On a monthly basis, prices rose 0.1%, a rebound from June’s 0.4% decline and matching the 0.1% economists expected.

Core CPI, which strips out food and energy, rose by 0.2% on the month, in line with forecasts.

The annual core inflation rate eased from 2.6% to 2.5%, again matching expectations.

The print lands four days after the July jobs report showed payrolls contracting by 23,000 against expectations of a roughly 80,000 gain.

Odds of a September interest-rate increase by the Federal Reserve, as priced in by the rate futures market, stood at 45% ahead of the release.

This is a developing story…

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