The Labor Department will release its latest monthly inflation report on Tuesday at a critical time for the economy, as the Federal Reserve will take stock of the impact of tariffs on consumer prices ahead of its interest rate decision next month.

The Bureau of Labor Statistics (BLS) will release the consumer price index (CPI) for July on Tuesday morning, which is expected to show inflation ticking higher from the previous month and moving further away from the Federal Reserve's 2% longer-run target.

Goldman Sachs economists led by Jan Hatzius projected that headline CPI inflation will rise to 2.8% on an annual basis, in line with the consensus and up from the 2.7% reported last month. Core inflation, which excludes volatile costs such as those for food and energy, is projected to

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