US inflation slows from a 40-year peak in July, but remains high

Average paychecks are rising faster than they have in decades, but not fast enough to keep up with those rising costs. As a result, some people who had retired have returned to the workforce

Falling prices for gas, airline tickets and clothes helped give Americans a slight break from the pain of high inflation last month, though overall price increases slowed only modestly from a four-decade high that was reached in June.
 

Consumer prices jumped 8.5 per cent in July compared with a year earlier, the government said Wednesday, down from a 9.1 per cent year-over-year increase in June. On a monthly basis, prices were unchanged from June to July, the smallest such rise in more than two years.
 

Much of the relief last month was felt by travelers: Hotel room costs fell 2.7