Inflation ticked higher in July as investors stay alert to how much President Trump’s tariffs are starting to affect consumer costs.

U.S. inflation was unchanged in July while a measure of underlying inflation rose to its highest level in five months as tariffs push the price of imported goods higher while gas and grocery prices cooled.

Inflation remained stable last month, but underlying price pressures accelerated in a concerning change for the Fed as it debates a rate cut in September.