The U.S. Labor Department released consumer price inflation data on Wednesday. The U.S. consumer price inflation rose 0.1% in July, missing expectations for a 0.2% increase, after a 0.3% gain in June.

The increase was partly driven by higher gasoline and food prices. Gasoline prices climbed 0.9% in July, while food prices increased 0.2% in July.

On a yearly basis, the U.S. consumer price index increased to 0.2% in July from 0.1% in June, in line with expectations.

The U.S. consumer price inflation excluding food and energy gained 0.1% in July, missing expectations for a 0.2% rise, after a 0.2% increase in June.

On a yearly basis, the U.S. consumer price index excluding food and energy remained unchanged to 1.8% in July.

These inflation figures could support the Fed's decision to start raising interest rates this year.