The country's annual inflation rate remained in July at 2.7%, according the Labor Department's monthly Consumer Price Index report, a key inflation gauge.

The rate increase from June to July was 0.2%, after rising 0.3% in June, according to the department's Bureau of Labor Statistics's report.

The annualized and monthly rates were in line with Wall Street expectations, according to CNBC.com. They also remained steady amid concerns that President Trump's tariffs on trading partners would increase the prices of consumer goods in the U.S.