US inflation records first increase in 13 months as July CPI edges up to 3.2%

The US Bureau of Labor Statistics reported today (10 August) that core inflation, which excludes food and energy prices, rose 4.7% over the last year, down from 4.8% last month. Despite June's surprise drop in the rate of inflation to 3%, markets expect inflation to struggle to reach the 2% target set by the Federal Reserve. China moves into deflation as prices fall for first time since early 2021 The largest contributor to rising prices "by far" throughout the month was shelter, the BLS said, contributing to over 90% of the increase, while the index for motor vehicle ins...