Consumer prices rose by 3.2% annually in July, picking up for the first time in 13 months | CNN Business

The Consumer Price Index rose 3.2% for the year through July, up from June’s 3% annual increase, according to data released Thursday by the Bureau of Labor Statistics. The annual headline rate’s increase, which was largely due to year-over-year comparisons to July 2022 when monthly inflation turned negative, came in below economists’ expectations for a 3.3% annual gain. Prices rose 0.2% on a monthly basis, driven by shelter costs, which accounted for 90% of the increase, the BLS report said.

1 percentage points below consensus expectations. In June, prices increased 0.2% for the month and 4.8% annually. Persistently high inflation — specifically grocery, gas and rent prices — has weighed on consumers for more than two years. Since March of last year, the Federal Reserve has raised interest rates 11 times to the highest level seen in 22 years in hopes of reining in inflation by tempering demand.

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