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The inflation rate remained elevated, but it dropped to historically low levels in July.
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This raises hopes that the relentless rise in prices might have reached its peak.
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According to the Labor Department's Consumer Price Index, consumer prices rose 8.5% from one year ago.
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This is a decrease from a 9.1% annual increase - a high of 40 years - in June. While gas prices declined, rent and food prices rose.
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Reports found that they had predicted that annual inflation would fall to 8.7%.
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Consumer prices were stable on a monthly basis in June, when they rose 1.3%.
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After a 0.7% increase in the previous month, core prices rose 0.3% in July. After three consecutive monthly drops
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the annual increase was maintained at 5.9%.
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Stocks shot higher. Mid-morning trading saw the Dow Jones Industrial Average jump 521 points and the S&P 500 rise 1.75%.
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Investors are hopeful that the Federal Reserve will raise its key interest rates by half a percentage point next month to combat inflation
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