While economists expected US inflation to fall to 8.7% from 9.1% in June, year on year inflation fell to 8.5% in July largely as a result of falling gas and energy prices, which suggests that prices should continue to decline. The global consumer price index for the month was zero, as it balanced the costs of food, fuel, and the rest of the products. In this way, the market internalizes a moderation in the monetary adjustment by the Federal Reserve, although its authorities
call for caution, warning that there is still work to be done against inflation.