US inflation slows from a 40-year peak but remains high

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Falling gas prices in July gave Americans a slight break from surging inflation Consumer prices dropped 8 and a half percent last month compared with a year earlier according to a new report from the U.S. bureau of labor statistics that's down from 9.1% in June but essentially unchanged month to month inflation slowed in July it still remains near a 40 year high Gas airfares hotel rooms and used car prices fell while core prices that exclude food and energy rose 0.3% rent medical care and furniture are more expensive and the cost of groceries continues to surge Today's report raised hopes that a modest slowdown in inflation might enable the Federal Reserve to raise short term interest rates by less than had been anticipated when

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