Markets ended the week largely unfazed by a hotter wholesale inflation print and signs of firming consumer prices, but some economists warn the underlying story is more concerning than investors seem to believe.

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.

The consumer-price index is due out on Tuesday morning, offering the latest insight into how President Trump's tariff policies are feeding into price pressures. Here's what to know: Prices likely rose 2.

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%.

U.S. stocks finished sharply higher on Tuesday, with the S&P 500 and Nasdaq Composite booking fresh records after [the July consumer-price index](

Chicago Fed President Austan Goolsbee called a jump in the prices of some services “the most concerning thing” in Tuesday’s consumer-price index report for July. Policymakers should “reserve judgment” until other reports,

Inflation ticked higher in July as investors stay alert to how much President Trump’s tariffs are starting to affect consumer costs.