Here's where inflation stands today — and why it's raising hope about the economy

The latest inflation report is reinforcing hopes about a soft landing in the economy — or when inflation eases without sparking a downturn. (Brandon Bell/Getty Images)

Inflation got a little higher last month — but not enough to set off alarms.

Consumer prices in July were up 3.2% from a year ago, according to data released Thursday, driven in part by rising rent, gas and grocery prices. The increase came after the annual inflation rate had fallen steadily for the previous 12 months.