US Inflation rate dips to 8.5 per cent in the past year, down from 40-year high

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The inflation rate in the United States for the past 12 months took a slight dip from its 40-year high for the month of July, rising by only 8.5 per cent, according to the Bureau of Labor Statistics.

The latest Consumer Price Index summary showed that the monthly CPI for All Urban Consumers did not change after it increased 1.3 per cent in June.