U.S. consumer inflation remained steady in July as the Labor Department’s Consumer Price Index rose 2.7% from a year earlier, matching June’s pace. Cheaper gasoline and softer rent gains helped offset tariff-related increases in goods such as furniture and shoes, but the core CPI—which excludes food and energy—accelerated to 3.1% from 2.9%, underscoring persistent price pressures. Wholesale costs, however, jumped sharply two days later. The Producer Price Index climbed 0.9% from June and 3.3% from a year ago, the largest monthly gain in three years. Core producer prices posted an identical 0.9% monthly rise and were up 3.7% on the year. The Bureau of Labor Statistics attributed the surge to higher costs for tariff-exposed items including electronics and vegetables, indicating that companies are facing mounting import expenses tied to President Donald Trump’s broad tariff regime. Economists said firms’ ability to absorb the duties is waning and warned that the jump in wholesale prices is likely to filter through to consumers in coming months. The upside surprise prompted traders to pare back expectations of an interest-rate cut at the Federal Reserve’s Sept. 17 meeting, highlighting the central bank’s challenge of containing inflation while growth and hiring cool.