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The rate of inflation as expressed in the Consumer Price Index fell to ZERO in today's report. Read it again: 0% rate of inflation. There was no net increase in prices from June to July in the basket of items used in computing the CPI. The 8.5% is the amount that prices are higher this month than they were the same month last year. That is not the rate unless you divide it by the number of months. That rate is up of course as it reflects increases over the entire year. But it is down from what it has been significantly.
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