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This morning, the Labor Department released the July Consumer Price Index results. Overall, consumer prices rose by 0.2 percent, down from the 0.6 percent advance in June. The results were slightly higher than expectations, which called for a 0.1-percent rise in consumer prices. The core index, which excludes the volatile food and energy sectors, came in at estimates with a 0.2 percent advance. Today's numbers should help to reassure investors that inflationary pressures in the economy remain rather light. In addition, many economists increasingly believe that the recent inflation friendly economic indicators will allow the Federal Reserve to hold off potentially raising interest rates at its late-August policy setting meeting. The initial reaction to the news has been moderately negative, with the September S&P 500 Index Futures contract (SP/U0 - 1495.40) declining from a high of 1498.50 to a low of 1493.80 upon the release of the numbers. Currently, S&P futures are up 0.60 points at 1495.40, indicating a flat open.