A sign of hope for consumers; the U.S. Bureau of Labor Statistics’ most recent Consumer Price Index for the month of July was released Wednesday morning. An analysis by Jeff Cox with CNBC said the latest report showed lower-than-expected numbers that mean inflation may be easing up, but despite this, the impact of costly goods is still being felt.
According to the CPI, the cost of making food at home has risen more than 13% in the previous year, the largest 12-month increase since 1979. In July, the price for fruits and vegetables rose 0.5%, after rising 0.7% in June. Also in July, meats, poultry, fish and eggs also saw an increase by 0.5%, after declining in June. The biggest jump seen last month was the price of nonalcoholic drinks, which rose 2.3% overall.
These numbers could mean that inflation is "coming off its peak and price gains may slow in the coming months," according to an analysis by Patti Domm with CNBC.