Inflation likely ticked up in July for the third straight month as tariffs lift the cost of imported goods such as furniture, appliances, and toys, which could make it harder for the Federal Reserve to cut short-term interest rates as President Donald Trump has demanded.
Consumer prices are forecast to have risen 2.8% in July from a year earlier, according to a survey of economists by data provider FactSet. That annual pace would be up from 2.7% in June and a post-pandemic low of 2.3% in April. Excluding volatile food and energy costs, core inflation is expected to rise to 3%, from 2.9% in June. Both figures are well above the Fed's 2% price target.
