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Traders eye Tuesday's data for whiffs of inflation

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Rising rents and higher food costs could have given a slight boost to consumer inflation in July.

The consumer price index, released at 8:30 a.m. is expected by economists to show a 0.1 percent increase, but 0.2 percent for core, or CPI when excluding food and energy.

"This is not a flare. It's barely a flame," said Diane Swonk, chief U.S. economist at Mesirow Financial.