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moving on in this mornings money watch the newest inflation numbers have just come out theyre starting to show the impact of falling gas prices the consumer price index shows prices rose eight and a half percent in july compared to a year ago this follows junes inflation rate of 9.1 percent which was the highest in more than 40 years the national average of a price of for a gallon of gas has fallen nearly 70 cents just over the past month cbs news business analyst jill schlesinger is here to help us break this all down jill good morning 8.5 thats a docHub reduction yeah it may be that inflation peaked in the month of june because these july numbers are somewhat better than expected not fantastic news yet but we were thinking 8.7 percent on an annualized basis eight and a half is good the other part of this report that you as you mentioned gas and energy prices that pushes the numbers down pretty dramatically and if we look at the gas index for example down 7.7 over the last m