A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. CNN — US consumer prices rose 3.2% for the 12 months ending in July, according to the latest Consumer Price Index, which landed Thursday. That compares to 3% in June. It’s the first month in a year’s span that the annual inflation rate accelerated. But don’t slam that panic button just yet. “Don’t be fooled by the uptick in [year-over-year] inflation,” noted...