Consumer price hikes in Minneapolis accelerated on an annual basis for the first time in over a year, according to data released by the Bureau of Labor Statistics. The Consumer Price Index rose by 3.2% for the year through July, compared to a 3% increase in June. Although the annual increase fell short of economists’ expectations, the report showed that underlying inflation continued to cool. Core CPI, which excludes food and energy prices, increased by 0.2% from June and was up 4.7% from the previous year. President Joe Biden commented on the report, stating that the US economy remains strong despite the increase in inflation.
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