Inflation rose 3.2% in July as consumer prices tick higherThe Labor Department said the consumer price index showed that inflation ticked higher in July as price pressures in the economy remained abnormally high.

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.

This is a developing story. Please check back for updates.

https://www.foxbusiness.com/economy/cpi-inflation-july-2023