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NewsABC Action News (WFTS) — NewsAugust 12, 2026Hillsborough

Consumer prices rise 0.1% in July as annual inflation rate hits 3.4%

Consumer prices increased by 0.1% in July, bringing the annual inflation rate to 3.4% compared to 4.2% in May. While energy prices fell for the second consecutive month, they remain 15.7% higher than they were a year ago.

inflationeconomyenergyconsumer priceswages
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Why It Matters

The current 3.4% annual inflation rate remains above the Federal Reserve's 2% target, impacting the purchasing power of household budgets for food, shelter, and energy.

Key Facts

  • Consumer prices rose 0.1% in July.
  • The annual inflation rate for the 12-month period ending in July is 3.4%.
  • The annual inflation rate in May was 4.2%.
  • Energy prices fell 1.5% in July, the second consecutive monthly decline.
  • Energy costs are 15.7% higher than they were one year ago.
  • Food costs have risen 3% over the past year.
  • Shelter costs have risen 3.2% over the past year.
  • Average gas prices are 16 cents higher than they were a month ago.
  • Real wages have decreased by 0.1% over the past year.
  • Inflation remains above the Federal Reserve's 2% target.

Who's Mentioned

organizationBureau of Labor Statistics“Source for wage data.”organizationAAA“Source for gasoline price data.”organizationFederal Reserve“Sets a 2% inflation target.”other12“Number of months in the annual inflation period.”locationStrait of Hormuz“Global shipping route for energy markets.”