A jump in wholesale prices is likely to bolster concerns among Federal Reserve policymakers that rising inflation remains a risk, intensifying debate over the wisdom of a rate cut at their September meeting and leaving the tension between the U.

Inflation held steady in July and ran slightly cooler than expected, increasing the odds of a Federal Reserve rate cut next month.

Inflation is slowly rising, but not surging out of control. That should provide some flexibility for Fed officials to cut interest rates in September if the job market continues to weaken. “Overall, inflation remains well-behaved,