July inflation report likely to show prices climbed for the first time in a year

Former White House economist Kevin Hassett shares what to expect ahead of the release of July’s CPI on ‘The Evening Edit.’ A high-stakes inflation report due Thursday expects to show that price pressures within the economy heated in July for the first time in more than a year. Economists expect the consumer price index, which measures a range of goods that includes gasoline, health care, groceries and rent, to show that monthly prices rose 3.3% in July, above the 3% increase recorded the previous month. It would mark the first annual increase in consumer prices since June 2022, when the gauge peaked at a rate 9.1%.”It’s going to go up. I think everyone is pretty much agreed on that,” Robert Frick, corporate economist at the Navy Federal Credit Union, told FOX Business. “The problem is it’s going to stay up for a while, maybe through this year and into next year.” A FED PAUSE LIKELY WON’T HELP STRUGGLING CONSUMERS On a monthly basis, …

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