July Consumer Price Index Hits 3.1%: What it Means for Inflation

The core consumer price index, a key measure of inflation watched closely by the Federal Reserve, jumped to 3.1% in July, marking the largest gain in six months as companies grapple with President Donald Trump’s trade war. It comes as the S&P 500 and Nasdaq closed at record highs on Tuesday. CNBC’s Andrew Ross Sorkin joins TODAY to break down what the impact will be on prices, how tariffs are affecting the numbers and more.