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Inflation eases off in July as the summer’s breakneck price increases slow down

Costco shoppers outside one of its stores

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Inflation slowed from its rapid pace in July, signaling faster price growth might prove temporary as most economists expect.

The Consumer Price Index — among the most popular US inflation yardsticks — rose 0.5% last month, the Bureau of Labor Statistics said Wednesday. The gauge tracks the prices of various goods and services and aims to measure how much everyday prices change each month.

Economists expected the measure to rise 0.5% month-over-month. The print marks a deceleration from the 0.9% gain seen the month prior and suggests price growth could soon return to its pre-crisis norm.

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