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Consumer prices heated up in July, bucking a 12-month cooling streak

Posted on AllSides August 10th, 2023
From The Left

For the first time in more than 12 months, consumer prices heated up on an annual basis.

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.

Persistently high inflation — specifically grocery, gas and rent prices — continues to weigh on consumers, and July’s report exemplifies the lengthy and bumpy process to bring it back to Earth. Prices rose 0.2% on a monthly basis, largely driven by shelter costs.

Core CPI,...

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