August 11, 2022--Researched by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Markets were cheering after the latest reading on U.S. inflation came in better than expected, though the reading offers little to celebrate in relative terms.

The U.S. Bureau of Labor Statistics reported Wednesday that year-over-year inflation came in at 8.5% in July, compared to the 9.1% annual inflation from June. That June reading was the highest in 40 years, but even with the slight dip, it's far from the goal of 2% set by U.S. economic policy makers.

Energy prices remain the largest contributor to the spike seen in consumer goods, and it was those prices that drove most of the July cool-off.