The threat of inflation to the U.S. economy may be looming after a Bureau of Labor Statistics report Thursday showed a jump in wholesale prices.

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

The Consumer Price Index rose slightly less than expected in July annually as tariffs showed only a slight influence on prices. Tariffs didn't give much boost.