New figures from the United States show inflation still high in July, but easing from a month earlier. Consumer prices climbed 8.5 percent year-on-year, a slower pace than the 9.1 percent jump in June.

The figures released on Wednesday by the Bureau of Labor Statistics show the index for all items rising more than 8 percent for a fifth consecutive month.

Drivers may be feeling some relief as gasoline prices fell 7.7 percent from June, but that still represents a 44 percent jump from a year earlier.

Electricity was up 15.2 percent year-on-year. The food index rose 10.9 percent, the largest 12-month increase since May 1979.

An acute labor shortage in the US continues to boost wages, which in turn is pushing up prices and fueling speculation that the Federal Reserve will raise interest rates again in September to fight inflation.