The Federal Reserve has warned for months that wrestling rapid inflation back to a normal pace was likely to be a bumpy process, a reality underscored by fresh data on Thursday that showed a closely watched inflation gauge picking back up in July.The report also made clear that consumers are still opening their wallets for a range of goods and services, from restaurant meals to medicine and pet-related products, in a sign of momentum that could keep central bankers on watch. If Americans remain willing to pay up to buy products that they both need and want, it could allow companies to keep charging more, making it more difficult to fully stamp out inflation.The Personal Consumption Expenditures price index — the Fed’s preferred measure of inflation — climbed 3.3 percent in July from the previous year, up from 3 …
