US consumer prices rose 8.5% last month, compared to the same period last year. That's still historically elevated, but it was slower than June's increase of more than 9%, which was the highest in more than 40 years. Across the Pacific in China, rising inflation has been a lot less severe. Consumer prices there rose just 2.7% in July. That's the highest in two years, but still much lower than what other major economies have been reporting. The problem for Beijing is that moderate price increases are a symptom of overall weakness in the economy.

For more on inflation readings in major economies, we had Joseph Foudy in New York. He's an economics professor at the NYU Stern School of Business.

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