July 2025 CPI shows inflation rising under Trump tariffs

The Bureau of Labor Statistics released July 2025 CPI data showing consumer prices rose 3.4% year-over-year, up from 2.7% in June — the largest monthly acceleration in three years. Core goods inflation jumped 2.1%, driven directly by tariff pass-through in apparel, electronics, and furniture. Federal Reserve officials noted the data complicated their rate-cutting path.