July CPI report shows inflation gauge rose 3.2%, less than expected

The consumer price index rose 3.2% from a year ago in July, a sign that inflation has lost at least some of its grip on the U.S. economy.

Prices accelerated a seasonally adjusted 0.2% for the month, in line with the Dow Jones estimate,

Thursday. However, the annual rate was slightly below the 3.3% forecast though higher than June and the first increase in more than a year.

Excluding volatile food and…