Runaway consumer prices took a breather in July, fueling hopes that inflation has peaked

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...