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Javier Ghersi/Getty Images(NEW YORK) Lower-than-expected inflation rates last week sent the S&P 500 soaring to its highest level in three months, reflecting optimism that price increases have peaked as businesses and consumers seek relief from budget-busting costs. While still elevated, price hikes last month waned from the near-historic pace reached in June, according to a release from the Bureau of Labor Statistics on Wednesday. The consumer price index, or CPI, rose 8.5% over the past year as of July, a marked slowdown from a 9.1% year-over-year rate measured in June, the bureau said. Moreover, the inflation rate saw a 0% rise on a monthly basis in July, after rising 1.3% on that measure in the month prior. Previous optimism about inflation, however, has proven misguided. Before last month, the problem that most Americans consider their top economic priority had reached its most dire level. Still, progress on the supply-demand imbalance that sits at the root of price increases

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