US consumer prices were unchanged in July as the cost of gasoline fell for the first time in five months and underlying inflation moderated, which could further diminish prospects of a Federal Reserve interest rate increase this year, Reuters reported. The Labor Department said on Tuesday that the flat reading in its Consumer Price Index was the weakest since February and followed two straight monthly increases of 0.2%. In the 12 months through July, the CPI rose 0.8% after increasing 1% in June. Economists had forecast the CPI would be unchanged last month and rise 0.9% from a year ago.
