US wholesale inflation rose by ten basis points in July, a decline from June, suggesting inflation pressures are easing. Year-over-year wholesale inflation was up more than 2% in July, the smallest increase since March. Prices in the US service sector fell in July, while goods prices rose due to increased gasoline prices. Excluding food and energy, core wholesale prices were unchanged, indicating milder inflation pressures than expected. The Fed has aggressively raised interest rates to fight high inflation and is expected to begin cutting rates in September to support the economy.