Biggest year-over-year gain since April
Higher borrowing costs could lead Federal Reserve to forgo another hike
Latest report raises speculation that the Fed will leave interest rates unchanged at its next meeting
Policymakers made clear Wednesday that they aren't close to declaring victory over the worst bout of inflation in 40 years
Another rate hike this year will likely remain on the table, and Fed officials may project fewer cuts for next year
Governing board reaches full strength with Biden appointees
Decline in the core measure points to inflation coming under control
Economists, traders increasingly believe Federal Reserve won't hike in September
Reiterates the central bank's determination to keep its benchmark rate elevated until inflation falls to 2% target
Policymakers said they "need to see more data" to be sure inflation pressures are abating