Energy prices declined 1.5 percent in July but remain 14.7 percent higher compared with a year ago.

Oil prices continued to climb on Wednesday, rising about 14% in a week as the Strait of Hormuz remains effectively shut and US-Iran talks show little sign of progress.

Annual inflation slowed for the second month in a row, cooling to 3.4% in July as prices at the pump delivered less of a bite, according to new data released Wednesday by the…