Runaway inflation took a breather in July, with consumer prices increasing by 8.5% year over year, a slower pace than the 9.1% increase in June, the Bureau of Labor Statistics reported Wednesday.
On a month-to-month basis, prices held steady, compared to the 1.3% increase in June.
Core inflation, which does not include volatile food and fuel components, was unchanged on a year-over-year basis after June's 5.9% jump.
Months' worth of elevated numbers for the Consumer Price Index, which covers a wide array of goods and services Americans buy, pose 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.
This story is developing and will be updated.
The-CNN-Wire
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