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A key measure of underlying inflation rose in July as President Trump’s tariffs intensified price pressures across a wider range of consumer goods and services, although the overall increase was likely not significant enough to deter the Federal Reserve from lowering interest rates at its next meeting in September.

The Consumer Price Index stayed steady at 2.7 percent compared to the same time last year. On a monthly basis, prices rose 0.2 percent from June. But an important gauge tracking consumer prices that strips out volatile food and energy prices accelerated more rapidly.

For the markets, today’s numbers “delivered a mild relief rally,” said Gina Bolvin, president of Bolvin Wealth Management Group. “But with tariffs in play, investors should enjoy the calm while keeping an eye on the horizon.”Although prices for new vehicles rose modestly in July, prices for used cars and trucks rose 4.8 percent from a year ago. With new cars selling for an average of almost $49,000, according to Cox Automotive, many buyers have turned to the used market, pushing up prices. That trend is expected to continue if, as expected, automakers begin adding the cost of tariffs to new car prices.

Stephen Miran, chair of the White House Council of Economic Advisers, said the inflation report today shows that there is “no evidence whatsoever” that tariffs have caused a spike in prices. “It just hasn’t panned out,” he said.

Miran, who has been nominated for an open spot on the Federal Reserve, said on CNBC that he can “never rule out anything,” when asked if price increases are coming as more tariffs come online and companies work through their inventories. But he insisted that the president’s global trade war was not responsible for the categories of goods that recorded price increases last month.

Miran, however, declined to answer questions about his nomination to the Fed or how the central bank should approach interest rates in September, saying only that its independence is “of paramount importance.” He declined to say if he believed he would be confirmed before the Fed’s September rate-setting meeting.

While a key measure of underly inflation rose in July, the White House described the report as a positive on Tuesday. Karoline Leavitt, the White House press secretary, said in a statement that it “beat market expectations once again and remains stable, underscoring President Trump’s commitment to lower costs for American families and businesses.”

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