US consumer prices rise 0.1% in July annual inflation 3.4%
Business
July saw US consumer prices inch up by just 0.1%, after a rare dip in June.
Year over year, inflation is sitting at 3.4%, down a bit from last month.
The 0.1% monthly CPI increase matched expectations, but with living costs still high, it's something a lot of people are feeling right now.
Fed watches July 0.2% core inflation
Core inflation (which leaves out food and energy) ticked up 0.2% in July, putting the annual rate at 2.5%.
The Federal Reserve is watching these numbers closely ahead of its big September meeting: another interest rate hike is on the table but not guaranteed yet.
Rising oil prices could push costs higher soon, and with midterm elections coming up, how people feel about their wallets might play a big role at the polls.