The Catholic Church in its Dogmatic Constitution on Divine Revelation which the bishops at Vatican Council II wrote says, “Since everything asserted by the inspired authors or sacred writers must be held to be asserted by the Holy Spirit, it follows that the books of Scripture must be acknowledged as teaching firmly, faithfully and without error, that truth which God wanted put into the sacred writings for the sake of our salvation”. This means that everything written in the Bible should be trusted by all, having been inspired by the Holy Spirit who is God. This is what the Church teaches so, this is what every true Catholic should believe without a doubt.
However, for us to understand the Bible, we must read it in context. We must know when to interpret a part in its literary sense and when to interpret a part in its figurative sense. In regards to this, the Council fathers says, “For the correct understanding of what the sacred author wanted to assert, due attention must be paid to customary and characteristic styles of perceiving, speaking and narrating which prevailed at the time of the sacred writer”.
A lot of Fundamentalists get it all wrong when it comes to identifying statements which should be understood in literary forms or figurative forms. We can’t blame them though, because they have failed to recognise the Church’s interpretations and it’s infallible nature. Due to this, they have to rely on their individual interpretative abilities which leads to countless diversity of wrong interpretations.
The Catholic Church does believe in the inerrancy of the Bible so every true Catholic is bound to do so.