(NewsNation) — The July consumer price index is expected to show a slight increase in the costs of everyday goods — a development landing at a critical time for the U.S. economy.

Markets are weighing the impact of President Donald Trump's sweeping tariffs, a more challenging job market, and mounting "stagflation" concerns.

Stagflation refers to an economy with little to no growth and higher than normal inflation. The U.S. has seen it happen before in the 1970s, when the so-called misery index, or the sum of inflation and unemployment, reached 19.9%.

Labor Statistics shake-up puts trust in data at risk

The report will also serve as a test of investors' trust in U.S. economic data following Trump's unprecedented dismissal of the Bureau of Labor Statistics commissioner Erika McEntarfer ea

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