The latest inflation data from the Bureau of Labor Statistics show the CPI unchanged in June, following a 0.3 percent decrease in May. For the full year, the CPI has risen just 1.7 percent, well below the Fed’s target of 2 percent. Since the beginning of June, an important indicator of the risk of Japanese-style deflation has begun to rise for the first time in two years.Falling energy prices were the single largest cause of low inflation in June. Energy prices fell by 1.4 percent on the month, led by a 2.3 percent decline in the price of…