Shares of Amazon.com (NASDAQ: AMZN) climbed 3.5% on Wednesday after a closely watched price index indicated that inflation was moderating.
The consumer price index (CPI) increased 8.5% year over year in July. That was better than the 8.7% rise economists expected and a notable improvement from the 9.1% year-over-year increase in June.
The CPI measures the prices Americans pay for a wide array of goods and services. The index is widely used by investors, businesses, and government officials to monitor inflation levels.
Source Fool.com