The Producer Price Index, considered a benchmark inflation figure, rose at an annual rate of 9.8% year-over-year in July. While that's still very high, it's significantly lower than the 11.1% increase in June. Combine that with a 0.5% drop in wholesale prices last month and there's reason for optimism that inflation may finally be softening. To learn more about how CNN protects listener privacy, visit cnn.com/privacy