The Consumer Price Index (CPI) rose 0.1% in July (seasonally adjusted), after falling 0.4% in June, and decelerated to 3.4% over 12 months (from 3.5%). The core index — which excludes food and energy — advanced 0.2% on the month and eased to 2.5% over 12 months, extending the disinflation trend (See Chart 1).