The Consumer Price Index (CPI) data came out yesterday for the month of July and showed that the year-over-year inflation rate declined to 8.5% from 9.1% in June. Markets soared on the news, as the decline suggests that inflation has hit its peak and over the coming months, we’ll be able to inch our way down to the Federal Reserve’s target of 2%. Many predicted that the July numbers would be down from the June highs, since gas prices have been going down steadily for many weeks now. This trend has continued into August, with the AAA national average for the price of a gallon of gasoline now at $3.99. By every indication, when the August CPI numbers get released in September, the read will be even lower, suggesting that the worst of the inflation crisis truly is behind us.
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