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Inflation rose in July. See how it's changing Virginia prices

Thursday’s highly anticipated inflation report showed U.S. consumers paid prices that were 3.2% higher in July than a year earlier.

That’s a touch milder than the 3.3% inflation rate economists expected to see and down sharply from last summer’s peak above 9%. Beneath the surface, underlying trends for inflation were also within expectations.

Wall Street rallied on what it saw as good news, but consumers still will be paying more at the grocery checkout, gas station and retail stores. Here’s a detailed breakdown to help you see how it’s all adding up for Virginia.

Troubling levels of inflation moved the Federal Reserve to raise interest rates at a breakneck pace for the past year-and-a-half: the central bank raised its benchmark rate 11 times to the current 5.4%, a 22-year high.

Source: www.dailyprogress.com

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