U.S. consumer prices stayed the same in July thanks to falling energy and gasoline prices bringing the country's annual inflation down slightly from a 40-year peak.
The U.S. Labor Department announced on Wednesday that the consumer-price index, which measures what consumers pay for goods and services has risen by a weaker-than-expected 8.5 percent in July from the same month last year.
In June, prices were up 9.1 percent from a year ago marking the fastest pace of inflation since November 1981.
The biggest culprit was gasoline.
The prices at the pump fell about a dollar from their record highs earlier this year of over five dollars per gallon.
Eyes are also on how the Fed will go about its coming rate hikes as Wednesday's numbers were the first "positive" reading on inflation since the Fed began raising rates in March.
Prices in the U.S. have been surging due to global supply chain disruptions, the COVID-19 pandemic and Russia's war in Ukraine.