US inflation took a breather in July, thanks to the falling cost of food and gas, as consumer prices grew at a slower pace than in previous months
Runaway inflation took a breather in July, with consumer prices increasing by 8.5% year over year, a slower pace than the 9.1% increase in June, the Bureau of Labor Statistics reported Wednesday.
On a month-to-month basis, inflation was 0%, compared to the 1.3% increase in June. Prices began rising sharply in early 2021, with the rate of inflation almost doubling over the past year."I think inflation probably has peaked in year-over-year terms," said Bill Adams, chief economist at Comerica Bank.
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