Inflation rose 3.2% in July as consumer prices tick higher

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. 

Prices climbed 3.2% on an annual basis, slightly below the 3.3% increase forecast by Refinitiv economists.

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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