Gas prices fall but food and rent jump, according to the latest CPI report for July. Inflation stayed elevated but eased off historically high levels in July, raising hopes that a relentless surge in prices may have peaked. Consumer prices increased 8.5% from a year ago, down from a 9.1% annual rise – a 40-year high – in June, according to the Labor Department's Consumer Price Index. Core prices, which exclude volatile food and energy items and generally provide a better gauge of future trends, increased 0.3% in July following a 0.7% rise the prior month. To read more of the report, click the link in our bio.