President Trump took to Truth Social Tuesday to once again criticize Federal Reserve Chair Jerome Powell and call for a rate cut after a new Consumer Price Index report showed prices rose less than expected in July.

The Consumer Price Index rose slightly less than expected in July annually as tariffs showed only a slight influence on prices. Tariffs didn't give much boost.

The CPI, a basket of goods and services typically bought by consumers, tracks the change in prices on everyday items such as food and apparel over time. So far this year, inflation has stayed at 3% or lower.