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 Consumer Price Index in July rose 2.7% year-over-year, and so did grocery prices, which have gotten more expensive compared to the previous year. This index measures the average change over time in the prices paid by urban consumers for consumer goods and services.