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

Food prices rose 2.7% on an annual basis last month, the same as the overall inflation rate. Items that have seen big cost increases since last July include eggs, which are up 16.4%; roasted coffee, up more than 14.8%; and ground beef, which is up 11.5%.

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 Bureau of Labor Statistics reported the July consumer price index which showed CPI inflation continued to rise as tariffs push prices higher for U.S. businesses and consumers.

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.

The July index for bread was 241.2, up 0.4% from June and up 1.3% from a year ago. Under this heading, the CPI for white bread was 431.6, down 0.1% from June but up 0.5% from July 2024. For bread other than white, the index was 475.6, up 1.2% from June and up 2.3% from a year ago.

Markets ended the week largely unfazed by a hotter wholesale inflation print and signs of firming consumer prices, but some economists warn the underlying story is more concerning than investors seem to believe.

Following the release of July's consumer-price index, one thing seems likely to be getting clearer: It will take a lot more accelerating inflat