Key inflation gauge rises as Trump trade war weighs on economy

Data: Bureau of Labor Statistics; Chart: Axios VisualsA key measure of consumer prices that strips out energy and food costs rose at a faster clip in July, the Bureau of Labor Statistics said on Tuesday.Why it matters: It is a sign that inflation is starting to heat up as the effects from President Trump's tariffs ripple across the economy.By the numbers: The Consumer Price Index rose 0.2%, ticking down from the 0.3% increase in June, as energy and gasoline prices plummeted.But core CPI — the measure watched most closely by policymakers, which excludes food and energy prices — rose 0.3%, up from the previous month's 0.2% increase. In the 12 months through July, core CPI rose 3.1%, up from the prior month's 2.9% increase. Overall CPI rose by 2.7%, holding steady from June. The big picture: The data comes at critical time for the U.S. economy. Many economists anticipate the Federal Reserve will cut interest rates in September.Trump has been pressuring the Fed to slash rates, but the central bank has fretted about the potential inflationary effects from White House tariff policy. The intrigue: There are fresh concerns about government data integrity after Trump fired the head of the Bureau of Labor Statistics, following a less-than-stellar jobs report.Last night, Trump said he would nominate E.J. Antoni to lead the BLS. The Heritage Foundation economist has been a vocal critic of the agency in years past.Editor's note: This story has been updated with additional data on the report.

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