The stock markets were unanimously pleased with the latest CPI inflation print. Check out my key takeaways from the latest CPI inflation report.

The annual inflation rate held steady in July as President Donald Trump's tariffs had less of an impact on some consumer prices than forecasters expected, but the details had a few devils as the key "core" inflation gauge accelerated.

The inflation report is the first major data release from the U.S. Bureau of Labor Statistics (BLS) since Trump fired the agency’s commissioner earlier this month, just hours after the release of a weak jobs report.

While the overall reading on consumer prices was steady, a measure excluding food and energy categories rose to 3.1%.

The Labor Department’s consumer price index for July showed that the annual pace of inflation remained at 2.7 percent from July 2024. That’s the same as the annual rise reported in June and above April’s post-pandemic low of 2.3 percent, though it was just under economists’ expectations.

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 food and energy categories, core prices rose 3.1%, up from 2.9% in June. Both figures are above the Federal Reserve’s 2% target.