Inflationary pressures were slightly higher in July as the U.S. future inflation gauge rose to 84.6 from a downwardly revised 81.7 in June, according to data released Friday by the Economic Cycle Research Institute.

The June index was originally reported as 81.9.

The smoothed annualized growth rate, a comparison to the preceding year’s average level, narrowed to negative 8.6% from a revised negative 18.9%, originally reported as negative 18.5%.

“The USFIG has risen from March’s 51-year low to a seven-month high, based on somewhat pronounced, pervasive, and persistent advances in the USFIG and its components. Thus, deflation is clearly becoming much less of a danger for the U.S. economy,” ECRI said in a release.

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