U.S. Inflation Eased Slightly to 8.5% in July
Annual rate decelerated from four-decade high, as costs of energy, gasoline dropped
The pace of price increases slowed in July as energy costs dropped, pulling annual U.S. inflation down slightly from a four-decade high.
The Labor Department on Wednesday said the consumer-price index, a measure of what consumers pay for goods and services, rose 8.5% in July from the same month a year earlier, down from 9.1% in June. June marked the fastest pace of inflation since November 1981.