Inflation ticked higher in July, snapping a year-long streak of steady declines in prices as consumers continued to grapple with the rising cost of everyday goods.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.2% in July from the previous month, in line with estimates.
Prices climbed 3.2% on an annual basis, slightly below the 3.3% increase forecast by Refinitiv economists. It marked the first acceleration in the headline number in more than a year.
Although inflation has cooled from a peak of 9.1%, it still remains above the Federal Reserve’s 2% target rate.
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