Price hikes took a breather in July, fueling hopes that inflation has peaked
CNN
Rising inflation poses a growing challenge for the Federal Reserve, which has committed to reining in soaring prices while trying to avoid plunging the economy into a recession.
On a month-to-month basis, inflation was 0%, compared to the 1.3% increase in June. Prices began rising sharply in early 2021, with the rate of inflation almost doubling over the past year.
"I think inflation probably has peaked in year-over-year terms," said Bill Adams, chief economist at Comerica Bank.
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