BUSINESS + ECONOMY

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

Aug 10, 2023, 7:01 AM | Updated: 8:17 am

A person pumps gas at a Shell gas station on August 3 in Austin, Texas. Gas stations around the cou...

A person pumps gas at a Shell gas station on August 3 in Austin, Texas. Gas stations around the country have boosted prices by an average of 26 cents a gallon over the past month as irregular temperatures have made fuel-making more challenging due to the slowing of cooling processes needed to refine crude oil. (Credit: Brandon Bell/Getty Images)

(Credit: Brandon Bell/Getty Images)

Minneapolis (CNN) — 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, which excludes the more volatile food and energy prices, increased 4.7% for the 12 months ending in July, cooling from the 4.8% increase seen in June. On a monthly basis, core prices increased 0.2%.

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