According to CoinMeta, economists at Wells Fargo predict that the U.S. July CPI report will reinforce the view that the most severe inflationary impacts caused by high tariffs and the Middle East conflict have passed. Price increases seem to be driven by a few categories rather than a widespread spread of underlying price pressures. However, although the range of inflationary pressures is narrowing, the continued strength in prices in some industries indicates that achieving a 2% inflation target may still be a gradual process.