The Bureau of Labor Statistics reported the producer price index jumped more than expected in July, spurring renewed concerns about inflation's economic impact.

Producer prices in July rose faster than forecast across the board, giving investors and the Federal Reserve an inflation surprise just over a week out from Fed Chair Jay Powell's crucial Jackson Hole speech.

While the overall reading on consumer prices was steady, a measure excluding food and energy categories rose to 3.1%.

The stock markets were unanimously pleased with the latest CPI inflation print. Check out my key takeaways from the latest CPI inflation report.

Inflation, as measured by the producer price index, shot up to 3.3% for the year ending in July, the Bureau of Labor Statistics reported Thursday — the largest 12 month increase since February. On a month-to-month basis,

Inflation held steady in July and ran slightly cooler than expected, increasing the odds of a Federal Reserve rate cut next month.

July’s Consumer Price Index report showed an acceleration in “core” prices that strip out volatile food and energy items.

With inflation easing and the labor market cooling, the risks of keeping policy too tight are mounting. The CME Group now puts the implied odds of a September rate cut at 92.2 percent, reflecting growing expectations in the fed funds futures market that the Fed will respond to the softer data.

The Bureau of Labor Statistics reported the July consumer price index which showed CPI inflation continued to rise as tariffs push prices higher for U.S. businesses and consumers.

President Trump's tariffs continue to affect global markets and the economy. Follow for live updates on stocks, bonds and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.