Consumer prices increase in July amid tariff driven economic uncertainty

Economists believe the increased inflation could lead to the first interest rate cut of the Trump Presidency [File: David Zalubowski/AP]

Consumer prices in the United States held steady in July, as elevated inflation sweeps through the economy.

The consumer price index report (CPI) rose 2.7 percent over this time last year and follows a 2.7 percent increase in June, according to the Department of Labor report released on Tuesday. On a monthly basis, prices increased by 0.2 percent in July compared to 0.3 percent in June.