The U.S. has released some much anticipated inflation data for July, and it looks like prices rose less than expected from a year earlier at 8.5 percent.
Some say this means inflation may have peaked.
Our Lee Ji-yoon has more.
Has inflation peaked?
That was the key question coming into Wednesday's report on the U.S. consumer price index.
And it appears that for now, the answer is 'yes'.
Inflation in the U.S. seems to have reached a turning point. as the consumer-price index stayed flat in July from a month earlier and the pace of on-year increase slowed to eight-and-a-half percent.
That's still high but it is lower than in June when prices were up 9.1 percent from a year ago.
"Today, we received news that our economy had zero percent inflation in the month of July. Zero percent. Here's what that means: while the price of some things go up went up last month, the price of other things went down by the same amount."
The consumer price index measures what consumers pay for goods and services.
And thanks to slumping energy and gasoline prices, the numbers from last month brought the country's annual inflation down slightly from a four-decade high.
Prices at the pump fell about a dollar from their record highs earlier this year of over five dollars per gallon coming back to around the four-dollar mark nationwide.
But experts say the war on inflation is far from over as no one can be sure that prices will keep on falling.
"I think most people would go ahead and say we're still in a period of crosswinds. We have a great deal of volatility. We've seen some ease in the pressure, upward pressure that is, it doesn't mean prices haven't been increasing. They have been."
Eyes are also on how the Federal Reserve will go about its planned rate hikes as the latest inflation numbers were the first "positive" reading since the Fed began raising rates in March.
Prices in the U.S. have been skyrocketing due to global supply chain disruptions, the COVID-19 pandemic and Russia's war in Ukraine.
Lee Ji-yoon, Arirang News.