Inflation Cooled Slightly in July, Easing Pressure on the Fed The latest inflation numbers may bring some temporary relief to policymakers at the Federal Reserve, but for average Americans, the reality remains stubbornly clear: prices are still too high, and wage gains are not keeping pace.
The Bureau of Labor Statistics' report that inflation cooled slightly in July is a modest respite from the recent surge. The 0.
1% monthly increase in the consumer price index was driven by falling energy prices, particularly gasoline, which helped keep topline inflation in check. Food prices also dropped, with lettuce plummeting by 16.