Consumer prices were unchanged in July, the Labor Department reported Wednesday, as the annual inflation rate cooled slightly.
The annual inflation rate last month was 8.5%, still very high but lower than the 9.1% level reached in June. The rate in June hit a 41-year high.
For the past three months, the so-called “core” consumer price index has still been running at a too-hot 6.8%.
The Federal Reserve has raised interest rates several times this year to tamp down inflation and is considering another hike at its next meeting in September.