Warren Buffett's Berkshire Hathaway now commands a 20% stake in Occidental Petroleum, after plowing another $390 million into the energy giant

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Inflation slows significantly as prices rise 8.5% in July behind decrease in gas prices

Inflation data released on Wednesday revealed that price increases slowed in July, easing the strain on household budgets as the Federal Reserve fights inflation with a series of borrowing cost hikes that in theory should slow down the economy, slash demand and cut prices. While still elevated, price hikes waned from the near-historic pace reached in June, giving hope to policymakers and consumers that inflation has peaked. The consumer price index, or CPI, rose 8.5% year-over-year in July, a marked slowdown from 9.1% in June, according to the Bureau of Labor Statistics.

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