The consumer price index rose 2.7% in July on an annual basis. There's some evidence tariffs are putting upward pressure on inflation, economists said.

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