U.S. inflationary pressures were down slightly in July, as the U.S. future inflation gauge fell to 111.5 from 111.7 in June, according to data released Friday morning by the Economic Cycle Research Institute.

"The USFIG dipped in July, further distancing itself from last fall’s cyclical peak," ECRI Chief Operations Officer Lakshman Achuthan said in a release. "Thus, underlying inflation pressures are clearly easing."