Inflation jumped in July. But then that should come as no surprise for anyone watching the energy markets. The price of crude oil, for instance, rose more than 7% last month, based on the near-term futures contract traded in New York. The bull market in oil flowed through to consumer prices, with the CPI advancing 0.5% last month, reports the Bureau of Labor Statistics. That’s slightly higher than what the consensus estimate called for, and far above the unchanged consumer prices that prevailed in June.