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The latest consumer price index report measured inflation of 3.2 percent over last July, which increased from June and broke a streak of 12 straight months with lower readings. Persistent inflation is a threat to agricultural commodity prices if related concern causes the Federal Reserve Bank to maintain higher interest rates for longer.   Higher prices for housing and rent contributed most heavily to the elevated inflation estimate. The burden of increased shelter costs seems to follow from the higher interest rates that discourage home owners from leaving existing mortgages, which reduces the supply of housing. Food costs, having increased just 0.2 percent for the month, were a lesser influence on the consumer price index change.   The consumer price report is one source of data being monitored closely by the central bank in its efforts to cool off the economy after several years of low interest rates sparked trouble with inflation. The recent jobs report also sent mixed signals about the health of the economy, showing that new payroll additions were lower than expected last month while wages climbed by more than anticipated. Wage growth can be cited as a primary driver of the inflation trend.   Wages have…

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