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Inflation rises 2.9% in July, less than expected

The Labor Department on Wednesday released the closely watched July consumer price index report, revealing just how hot inflation was running last month.

The Labor Department on Wednesday said that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.2% in July from the previous month, in line with expectations. 

Prices climbed 2.9% from the same time last year, beatnig the 3.2% headline gain forecast by LSEG economists.

This is a developing story. Please check back for updates.

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