Inflation slows to 8.5% in July
Declining prices for gas, airline tickets, and clothes drove a slight slow-down in inflation for July, according to a report from the Associated Press. The consumer price index closed at 8.5% in July, down from a 9.1% year-over-year increase in June. On a monthly basis, prices were unchanged from June to July, the first time that has happened after 25 consecutive months of increases. Although inflation has slowed, it is a long way from the Fed’s 2% target for the year.