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 Consumer Price Index, which measures inflation, rose 2.7% on an annual basis in July, slightly cooler than forecasted. Prices, however, continue to be impacted by Trump's tariffs.

Consumer prices rose 2.7% in July compared to a year ago, clocking in lower than economists expected and holding steady from the previous month. The reading defied fears of further price increases as result of President Donald Trump's tariffs.