articleThe Brief U.S. inflation was unchanged last month while a measure of underlying inflation rose to its highest level in five months. Excluding the volatile food and energy categories, core prices rose 3.1%, up from 2.9% in June. Inflation was unchanged in July as tariffs lifted the cost of imported goods such as furniture, appliances, and toys. Excluding the volatile food and energy categories, core prices rose 3.1%, up from 2.9% in June. Fed Reserve interest rateBig picture view:Stubbornly high inflation puts the Federal Reserve in a difficult spot.