Consumer prices rose 0.2 percent in July, according to data released Tuesday by the Bureau of Labor Statistics (BLS), as the economy braces for the full imposition of President Trump’s

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

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.

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%.

Inflation held steady in July as tariffs threatened to drive prices higher, CPI report reveals. But an underlying inflation measure picked up

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.

July's consumer-price index "provides as good an indicator of inflation-realization as any" and is helping to set expectations for the future path of price gains, said Rick Rieder, BlackRock’s chief investment officer of global fixed income.