Business Highlights: Consumer Prices, Budget Deficit

Prices for U.S. consumers rose last month but at the slowest pace since February, a sign that Americans could gain some relief after four months of sharp increases that elevated inflation to its fastest pace in more than a decade. Wednesdays report from the Labor Department showed that consumer prices rose 0.5% from June to July, slower than the previous monthly increase of 0.9%. They have jumped 5.4% compared with a year earlier. Excluding volatile oil and gas prices, socalled core inflation rose 4.3% in the past year, down from 4.5% in June, which was the fastest 12month pace since 1991.

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