Headline RoundupAugust 10th, 2023

Inflation Rose 3.2% Annually in July

Summary from AllSides News Team

U.S. inflation rose 0.2% on a monthly basis in July and 3.2% annually, according to the Bureau of Labor Statistics

The Details: The annual rate rose slightly in July, its first jump since June 2022. The energy price index is down 12.5% from last July, while the food index is up 4.9%. Core prices, which exclude food and energy items, rose 0.2% monthly and 4.7% annually. Shelter prices are up 7.7% in the last 12 months, and used vehicle prices are down 5.6%.

How the Media Covered It: Sources across the spectrum covered the data as a top story Thursday, and speculated about what it means for more potential interest rate hikes. Wall Street Journal (Center bias) said despite the annual jump, "steady monthly readings on underlying price pressures could deter the Federal Reserve from raising rates." Washington Examiner (Lean Right) said that "while the overall economy has held up strikingly well despite the rate revisions, the hikes have trickled down to consumers in the form of rising mortgage rates, making housing more unaffordable and hobbling the previously red-hot housing market." CNN Business (Lean Left) said "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."

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