The annual inflation rate in the US slowed more than expected to 8.5% in July of 2022 from an over 40-year high of 9.1% hit in June, and below market forecasts of 8.7%.

Compared to the previous month, the CPI was unchanged, after rising at a 17-year high rate of 1.3%, and also below forecasts of 0.2%. The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes.

Also, core inflation was steady at 5.9%, also beating market forecasts of a 6.1%, and offering some support that inflation has finally peaked. source: U.S. Bureau of Labor Statistics