Breaking: Inflation Soars 8.5 Percent in July, Hovering around Four-Decade High

Inflation surged 8.5 percent in July, down slightly from the four-decade high reached in June, the Labor Department announced Wednesday.

The Consumer Price Index, a key measure of the cost of goods and services, dropped slightly due to a decline in fuel prices which drove the previous month’s historic spike.

Despite the slight relief offered by declining fuel prices, the Federal Reserve is still expected to raise interest rates to bring inflation closer to its target of 2 percent.

Inflation Soars 8.5 Percent in July, Hovering around Four-Decade High The slight decline was largely due to falling fuel ... READ MORE ADVERTISEMENT Follow Us & Share 19 West 44th Street, Suite 1701, New York, NY, 10036, USA Your Preferences | Unsubscribe | Privacy View this e-mail in your browser.