The annual inflation in the United States decreased to 8.5% in July, the Labor Statistics Bureau revealed in its report on Wednesday. Month on month, the Consumer Price Index (CPI) was unchanged compared to June. The gasoline and energy indexes fell 7.7% and 4.6% in July. Meanwhile, the food index kept rising, gaining 1.1% monthly, while the food at home index increased by 1.3%. The core CPI, which excludes food and energy, was up 5.9% in July on an annual basis. On a monthly basis, the figure grew 0.3% in July. NN: You are now seeing market insanity… They are celebrating inflation at 8.5%. I hasten to remind you the FEDS target is2.5% and if i round up Feds Funds are close to 3%. Which means the FED has got to get their rate to 8.5% at least. A 5% increase… In fact as i looked at the numbers i put the cork back in the bottle and put the Champaign back in the fridge. Core inflation was up a ass kicking 5.9%… certainly no joy here…..