Inflation has been dormant for most of the past decade, allowing the Fed to push interest rates to ultra-low levels
Prices reached their lowest level in five months
Experts predict the Bank of Canada will continue to focus on inflation targeting
Fed also announced plan to push inflation above 2% annually
The annual inflation rate was unchanged from the year-over-year increase in July
The tool will allow users to input their own spending patterns to generate a unique consumer price index
People are spending less on cheaper gasoline, more on pricier food
Spending patterns have changed dramatically during the pandemic
Economists offer their outlook in the wake of July's strong U.S. inflation figure
Gas prices fell nearly 15%