US markets saw a slight reprieve as the Consumer Price Index showed signs of inflation cooling. Figures showed that prices for everyday goods and services increased by 8.5% over the past year, slowing down from the previous month.

Economists expected the measure to climb 8.7% year-over-year. Plummeting gas prices powered much of the month's cooldown, with the national average price per gallon sliding to $4.19 from nearly $5. That put significant downward pressure on the index, which had been lifted earlier in the year by skyrocketing energy prices. Focusing on the report’s details, food prices swelled 1.1% month-over-month following a 1% jump in the preceding period, registering another strong gain – which will likely hit lower-income families who spend a bulk of their pay packet on purchasing basic necessities.