NEW: Consumer prices rose 3.2% last month compared to a year ago, marking an uptick that reverses some of the progress achieved in the monthslong fight to bring inflation down to normal levels.
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Inflation stands well below its peak last summer of over 9% but remains more than a percentage point higher than the Federal Reserve's target rate. Consumer prices increased a modest 0.2% in July compared to the previous month, which matched the month-over-month inflation rate in June, according to the data released on Thursday by the Bureau of Labor Statistics.
An increase in shelter prices accounted for more than 90% of the month-to-month price increases, the data showed. Food prices ticked up modestly in July compared to the previous month.
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