The Consumer Price Index rose slightly less than expected in July annually as tariffs showed only a slight influence on prices. Tariffs didn't give much boost.

The CPI, a basket of goods and services typically bought by consumers, tracks the change in prices on everyday items such as food and apparel over time. So far this year, inflation has stayed at 3% or lower.

July’s Consumer Price Index report showed an acceleration in “core” prices that strip out volatile food and energy items.

(Bloomberg) -- Here are the key takeaways from the July US consumer price index report, released Tuesday:

The core Consumer Price Index picked up to 3.1% Y/Y in July, its highest level since February, exceeding the 3.0% consensus and the +2.9% pace in June, according to data released by the Bureau of Labor Statistics on Tuesday.

The Consumer Price Index in July rose 2.7% year-over-year, and so did grocery prices, which have gotten more expensive compared to the previous year. This index measures the average change over time in the prices paid by urban consumers for consumer goods and services.

Wholesale prices increased by an unexpected 0.9% in July, the Bureau of Labor Statistics reported on Thursday, causing markets to shudder after reaching record highs on a much more optimistic inflation report from the consumer price index on Tuesday.

The July CPI report shows that tariffs are having a slight impact on inflation, though not enough to keep the Fed from cutting interest rates.

Chicago Fed President Austan Goolsbee called a jump in the prices of some services “the most concerning thing” in Tuesday’s consumer-price index report for July. Policymakers should “reserve judgment” until other reports,