By Gwynn GuilfordU.S. inflation eased slightly but remained close to a four-decade high in July despite cooling energy prices. On a monthly basis, the CPI was flat in July after rising 1.3% the prior month, the result of falling energy prices such as gasoline. Price pressures eased across energy categories, with gasoline down 7.7% in July from the prior month. Used car prices, up sharply earlier in the pandemic, also dropped on a month-to-month basis, as did airline fares and apparel. Grocery prices were up 1.3% in July from the prior month and rose 13.1% in July from a year ago, the fastest annual pace since 1979.

Source: Wall Street Journal August 11, 2022 04:37 UTC