Inflation rose 3.2% in July amid higher housing prices

Inflation rose by an annual rate of 3.2% in July, reflecting a slight pickup from June’s cooler inflation due partly to higher housing costs.

The Consumer Price Index, a basket of goods and services typically purchased by consumers, grew at an annual rate just below economists’ forecast of 3.3%, according to FactSet. On a monthly basis, inflation rose 0.2%, the Labor Department said Thursday.

While inflation rose slightly last month, “it’s nothing that will derail this past year of steadily declining prices,” OANDA senior market analyst Ed Moya told CBS MoneyWatch prior to the inflation report’s release. “There is a lot of optimism that we’re going to see that disinflation process remain intact.”

This is a developing story.