The core consumer price index, a key measure of inflation watched closely by the Federal Reserve, jumped to 3.1% in July, marking the largest gain in six months as companies grapple with President Donald Trump’s trade war.

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.