U.S. consumer prices likely increased moderately in July, which could further reduce financial market expectations for the Federal Reserve to raise interest rates this year. The Labor Department's Consumer Price Index report on Wednesday would follow on the heels of news last week of surprise job losses last month. Economists said the United States' position as a net oil exporter and the drawing down of petroleum inventories had cushioned the hit on the economy from the oil price shock sparked by the Middle East conflict.