Wholesale prices increased by an unexpected 0.9% in July, the Bureau of Labor Statistics reported on Thursday, causing markets to shudder after reaching record highs on a much more optimistic inflation report from the consumer price index on Tuesday.

Inflation held steady in July as the headline figure for the Consumer Price Index was at 2.7% year-over-year, unchanged from June and lower than the expected 2.8% growth.

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.