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The U.S. consumer price index (CPI) rose by a seasonally adjusted 0.2% in July, with energy prices falling and food costs holding steady, according to data released Tuesday by the Bureau of Labor Statistics (BLS).

The figures come as President Donald Trump’s administration continues to defy predictions that its tariff policies would drive inflation higher.

On “CNN News Central,” CNN business reporter Vanessa Yurkevich noted that the latest numbers were more favorable than many economists had anticipated.

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“A tamer inflation report, despite President Trump’s tariffs. This is better than expected.

Month over month, as you mentioned, up 0.2%. On an annual basis, up 2.7% in July,” Yurkevich said, pointing out that the year-over-year rate was the same as in June.

Highlighting the key categories tracked in the CPI, Yurkevich said energy prices dropped 1.1% for the month, led by a 2.2% decline in gasoline prices.

“Look at that food! I mean, this is where people spend their money, right? Food, every single day. Food flat, 0%, and actually down at the grocery store by 0.1%,” she added.

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The “food at home” index — which covers grocery purchases — recorded the slight monthly decline, while overall food prices were unchanged.

Shelter costs, which typically rise due to increasing rent prices, continued to account for a significant portion of household expenses, Yurkevich noted.

The July CPI report undercuts earlier projections from some analysts who argued that Trump’s broad tariff measures on imported goods would sharply increase inflation. So far, that effect has not materialized.

The broader economy has also shown signs of strength in certain sectors.

The stock market has reached record highs in recent weeks, while manufacturing output ticked up 0.1% in June following a 0.3% increase in May, according to a Federal Reserve Board report issued July 16.

However, the labor market showed signs of slowing last month.

The BLS reported on August 1 that the U.S. economy added 73,000 nonfarm payroll jobs in July — a figure below the levels seen earlier in the year.

Economists continue to monitor the balance between strong market performance, stable prices, and moderating job growth as the Trump administration pursues its economic agenda.

For now, the July CPI data suggests that inflation remains under control, with key consumer costs in areas such as energy and groceries showing little upward pressure despite ‘experts’ warnings.