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US inflation slips from 40-year peak but remains high 8.5%

MGN

WASHINGTON (AP) — Falling gas prices gave Americans a slight break from the pain of high inflation last month, though the surge in overall prices slowed only modestly from the four-decade high it reached in June.

Consumer prices jumped 8.5% in July compared with a year earlier, the government said Wednesday, down from a 9.1% year-over-year jump in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise more than two years.

Still, prices are spiking across a wide range of goods and services, leaving most Americans worse off. Average paychecks are rising faster than they have in decades — but not fast enough to keep up with accelerating costs.

Article Topic Follows: Economy
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Joe Buttitta

Joe Buttitta co-anchors the Morning News on News Channel 3-12 and NewsChannel 3 Midday. To learn more about Joe, click here

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