The U.S. Consumer Price Index (CPI) saw no real change in July, suggesting that inflation is easing as a result of falling gasoline prices, according to the latest data from the Bureau of Labor Statistics released Wednesday. Overall, the CPI that tracks gasoline prices dropped by 7.7%, while other indexes, including food, saw increases. Used vehicles and airline tickets saw decreases along with gasoline. It could mean we’ve already suffered peak inflation, with inflation slowing as a direct result of falling gasoline prices. Consumer prices saw a 8.5% increase in July, year-on-year, but down from the 9.1% increase year-on-year recorded in June. June’s figures represented a forty-year high . Wells Fargo predicts that inflation in the U.S. could fall to 5% over the next few months due to steep drops in energy prices. “We would not be surprised to see the headline 12-month consumer price inflation reading post a […]