US inflation slows to 8.5% in July

US inflation slowed more than expected in July, according to the Bureau of Labor Statistics, advancing at an 8.5% clip in July, down from June's 40-year high of 9.1%.

Compared to the previous month's rate, CPI was unchanged after rising at a 17-year high print of 1.3%, below forecasts of 0.2%.

The gasoline index fell 7.7% in July to offset increases in the food and shelter indices.

Core inflation remained steady at 5.9%, beating market expectations for a reading of 6.1% and going a ways to indicate that inflation may have finally peaked.

The CPI came in at 296.276 in July, compared with 296.311 in June and market forecasts of 296.669.

Reporting by Iain Gilbert at Sharecast.com