Inflation ticks up for first time in a year after president’s Bidenomics victory tour

Inflation rose for the first time after 12 months of consistent decline, according to a new report Thursday that threw a wrench into President Joe Biden’s new campaign to convince Americans his economic policy is working.

The Consumer Price Index Report indicated that the cost of U.S. goods and services rose 3.2% in July compared to what it was this time last year.

Meanwhile, weekly unemployment insurance claims were up last week, according to data released Thursday by the Labor Department.

For the week ending August 5, seasonally adjusted initial claims were 248,000, which is up 21,000 from the previous week.

The White House and the Democratic Party have been promoting "Bidenomics" as Biden campaigns for reelection in 2024. Over the past several months, the president has visited cities around the U.S. as he touts what he sees as victories in the economy even as recession concerns loom.

The inflation rate was at 3% for June 2023. The rate of 3.2% for July is still far below June 2022's four-decade high of 9.1%.

However, the CPI, which tracks inflation by measuring the prices consumers pay over time, is still above the Federal Reserve's 2% target rate.

Some of the biggest increases in prices were seen in the categories of food away from home, shelter and transportation, the latest report also showed.

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