Annual U.S. inflation accelerated by less than expected in July and rose at the same pace on a monthly basis, pointing to a possible easing in price pressures and potentially bolstering the case for the Federal Reserve to pull back from its long-standing cycle of interest rate increases.

Japan's wholesale inflation eased for a seventh month in July as pressure from high global commodity prices eased, a development economists say is likely to encourage the central bank to keep its monetary stimulus in place.

Asian stocks edged towards a weekly loss on Friday and the U.S. dollar was headed for a month of gains after U.S. inflation came in steady, without the hoped-for surprise on the downside.

U.S. Federal Reserve officials are in "uncharted waters" with no clear historical guide as they set monetary policy in an environment with inflation falling but no increase as yet in the unemployment rate, Richmond Fed staff said in a new research note analyzing a central bank rate cycle they deemed "unlike any other."

U.S. Treasury Secretary Janet Yellen will highlight the U.S. economy's continuing resilience in a major speech in Las Vegas on Monday, touting the creation of 13 million new jobs and progress in driving down inflation, a Treasury official said.

Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth.