Retail sales rose 0.5% last month, maching economists' estimates.

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.

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

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.

Retail sales rose 0.5% last month, maching economists' estimates.

Consumers are still buying things in the United States, a new report from the Census Bureau said Friday. Spending at U.S. retailers rose 0.5% in July.

"We doubt that US tariffs will significantly affect inflation in the rest of the world, but if anything, the effect could be mildly disinflationary."