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Javier Ghersi/Getty Images(NEW YORK) -- Lower-than-expected inflation rates last week sent the S&P 500 soaring to its highest level in three months, reflecting optimism that price increases have peaked as businesses and consumers seek relief from budget-busting costs. While still elevated, price hikes last month waned from the near-historic pace reached in June, according to a release from the Bureau of Labor Statistics on Wednesday. The consumer price index, or CPI, rose 8.5% over the past year as of July, a marked slowdown from a 9.1% year-over-year rate measured in June, the bureau said...
While still elevated, price hikes last month waned from the near-historic pace.