The Brief

U.S. inflation was unchanged last month while a measure of underlying inflation rose to its highest level in five months.

Tariffs have raised the cost of some imported goods, but gas and grocery prices cooled.

Excluding the volatile food and energy categories, core prices rose 3.1%, up from 2.9% in June.

Inflation was unchanged in July as tariffs lifted the cost of imported goods such as furniture, appliances, and toys.

This could make it harder for the Federal Reserve to cut short-term interest rates as President Donald Trump has demanded.

July CPI inflation report

By the numbers:

Consumer prices rose 2.7% in July from a year earlier, the Labor Department said Tuesday, the same as the previous month and up from a post-pandemic low of 2.3% in April. Excluding the volatile

See Full Page