Annual inflation rate slows for second consecutive month: Labor Department report

The annual inflation rate for the U.S. economy fell slightly in July, shows the Labor Department's Consumer Price Index report for last month that was released Wednesday. 

The annualized rate in July was 3.4%, compared to 3.5% in June, according to the report, issued by the department's Bureau of Labor Statistics.

The index is a report on the cost of goods and services across the economy including food, energy and auto insurance.