According to CoinMeta, as reported by CBS (CBS), inflation in the United States slowed for the second consecutive month, rising 3.4% year-on-year in July, in line with economists' expectations, indicating that some of the price pressures may be easing. Mark Zandi, the chief economist at Moody's Analytics, pointed out before the release of July CPI data that the average daily price of gasoline in July was about 10 cents lower than in June, and data from the U.S. Bureau of Labor also showed a 2.9% decline in gasoline prices month-over-month in July. Zandi added that if there is no new escalation in the Iran war, inflation may have peaked and could continue to decline over the rest of this year, possibly falling to near the Federal Reserve's annual inflation target of 2% by next year's same period.