The key here is the expectation. The markets are rallying Wednesday as some analysts said that the 8.5% figure shows, perhaps, inflation has ebbed.
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They said evidence for that is prices were unchanged from June to July.
Still, consumers are suffering.
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At one woman-owned business, the hope that better days are ahead sustains them as they deal with the high cost of child care.
"Our parents love it because it really allows them that overall idea of can you have it all," said Daniella Cornue, founder of Le Village Cowork.
At Le Village in Irving Park, parents check in with toddlers at its daycare attached to a co-working space. Each side of the business subsidizes the other, making child care more affordable.
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"That alone is going to reduce your cost overall month over month, and then another benefit to our space is that a lot of our parents can use work benefits for something like this," Cornue said.
Cornue built the space and plans to franchise the concept out. Her goal is to give inflation-buffeted, women especially, a place to re-structure their work-life balance.
Jewelry designer Tina Cannon worked from home with her husband until Le Village arrived.
"I had never heard of a co-working space and I thought, we -- him and I already work from home so this might be perfect," Cannon said.
RELATED: Inflation drives up cost of child care, gas prices, forcing families to reshuffle budgets
The CPI report said falling prices for gas, airline tickets and clothes gave Americans a little bit of relief last month, but overall, inflation is still running at close to a four-decade high.
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For one cultural worker, Le Village makes work itself worth it.
"It allows us the freedom to not live paycheck to paycheck as we have been," said Emmelia Lamphere, with Chicago Architecture Center.
The hold on prices from June is the first reprieve after 25 months of increases. But there's uncertainty that prices will stay on the decline.
"Five or six months ago, $45 would be for like a week, but now, it is just enough for two days," said Anwar Mikaoui as he stopped to get gas.
Inflation has sometimes slowed only to re-accelerate later.