Economy· August 17, 2026 at 05:38 p.m.
Higher Gas Prices Contribute to July Inflation Increase, Falling Short of 2026 Rate Hike Trigger
Key takeaways
- Inflation rose 0.5% in July
- Gas prices increased by 7.5%
- Overall inflation remains below the Federal Reserve's target
Increased gas prices contributed to a rise in inflation rates during July, according to a report by Morningstar. However, the increase did not reach levels that would trigger an interest rate hike in 2026. The Consumer Price Index (CPI) rose 0.5% in July, following a 1.3% increase in June.