Inflation Cooled in July, Welcome News for White House and Fed

Inflation cooled notably in July as gas prices and airfares fell, a welcome reprieve for consumers and a positive development for economic policymakers in Washington — though not yet a conclusive sign that price increases have turned a corner.

The

climbed 8.5 percent in the year through July, a slower pace than economists expected and considerably less than the 9.1 percent increase in the year through June. After…