Core inflation rose at an annualized rate of 3.1% in July, the Bureau of Labor Statistics
announced on Tuesday, as President Donald Trump's
nonsensical tariffs led to rising prices for American consumers. The current topline figure is 2.7% This is .2 percentage points higher than the previous month’s figure.
That 3.1% annualized rate is the fastest rising inflation rate in five months, and higher than the 2.9% annualized rate BLS clocked in July 2024,
according to The New York Times.
"For two years inflation was declining toward the [Federal Reserve Bank’s] target. That seems to be over," University of Michigan economics professor Justin Wolfers
wrote in a post on X.