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 CPI, a basket of goods and services typically bought by consumers, tracks the change in prices on everyday items such as food and apparel over time. So far this year, inflation has stayed at 3% or lower.

The Bureau of Labor Statistics reported on Tuesday that U.S. consumer prices rose marginally in July by 2.7% (annually) but it also showed a significant increase in one key figure.