U.S. inflation climbed faster than expected for the first time since June 2022, challenging the narrative of reducing price growth.

July’s CPI is predicted to rise to 3.3% yearly, with 0.2% monthly.

Thursday’s CPI will feature the “core” figure, expected to slow to 4.7% year-over-year and stay at 0.2% monthly.

Federal Reserve officials are monitoring the numbers, as their interest rate hikes aim to bring inflation down to the Fed’s 2% objective.