CPI was projected to increase 0.2% in July and 2.8% for a year ago on headline, and 0.3% and 3% on core

July's consumer price index this week is expected to rise. A Reuters poll of economists forecasts the annual rate at 2.8%, up from June's 2.7%.

Prices were 2.7% higher last month compared with a year ago, and core inflation went up at a higher pace than what was seen in June