Inflation Rose 3.2% in July

Inflation ticked higher in July, snapping a year-long streak of steady declines in prices as consumers continued to grapple with the rising cost of everyday goods.

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, in line with estimates.  Prices climbed 3.2% from the same time last year, up from 3% in June.

Other parts of the report also pointed to a slower retreat for inflation. Core prices, which exclude the more volatile measurements of food and energy, climbed 0.2%, or 4.7% annually. However, core prices remain well above the Federal Reserve’s 2% target for inflation.

Food prices, a visceral reminder of inflation for many Americans, also inched higher in July. Grocery costs rose 0.3% last month and are up 3.6% compared with the same time last year.