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Thanks largely to falling gas prices, the government’s inflation report for July, to be released Wednesday morning, is expected to show a small slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades.

Wednesday’s report raised hopes that a modest slowdown in inflation might enable the Federal Reserve to raise short-term interest rates by less than had been anticipated when it meets in late September.

Inflation at the wholesale level still jumped 9.8% in July compared with a year earlier, suggesting that inflation will remain at painful levels for months to come.