The Consumer Price Index (CPI) announced this week that inflation eased slightly in July, dropping from 9.1 percent in June to 8.5 percent. For the first time in months, there seems to be a sign of relief from an inflation peak not seen in 40 years. Tulane University economist Felix Rioja said this is good news for consumers when it comes to some energy prices but warned that electricity and food costs continue a steady rise. He also points to higher interest rates as a source of the inflation decline.

America’s overheating economy and unrest overseas have inflation soaring to heights not seen since the early 1980s. While the Federal Reserve is expected to raise interest rates again, Tulane economist Felix Rioja doesn’t see much relief on the horizon for consumers squeezed by the rising cost of food, gasoline and other necessities.