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.

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.

Prices on goods affected by tariffs saw biggest surges while prices less contingent on foreign imports saw decreases.

The producer price index was expected to a show a 0.2% increase for July, according to the Dow Jones consensus estimate.

The numbers were much higher than economists had expected.

The producer price index — which measures inflation before it hits consumers — was up 0.9% last month from June and 3.3% from a year earlier, much higher than expected.

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.