US inflation falls to 8.5%, drops for the first time since April

Amid the falling gas prices, the US' consumer price index rose 8.5% year-over-year in July, according to US' government data. It is down from a 9.1% annual rise in June, which was a 40-year high. Further, it has fallen for the first time since April. On a monthly basis, consumer prices were unchanged, compared to a 1.3% rise in June.