The stock markets were unanimously pleased with the latest CPI inflation print. Check out my key takeaways from the latest CPI inflation report.

Data shows inflation held fairly steady in July, defying fears of a sharp tariff-driven spike in prices and good news for Trump.

Year-over-year, used vehicle prices rose by 4.8%, the seventh month in a row of year-over-year increases, and the biggest one yet. Apparel and footwear are largely imported and tariffed. The CPI for apparel and footwear inched up a hair by 0.07% month-to-month and was down 0.2% year-over-year.

A key measure of consumer prices posted the biggest increase in July in six months, suggesting inflation is showing upward pressure from tariffs but maybe not enough to deter the Federal Reserve from cutting interest rates soon.

U.S. inflation was unchanged in July while a measure of underlying inflation rose to its highest level in five months as tariffs push the price of imported goods higher while gas and grocery prices cooled.