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.

According to the Bureau of Labor Statistics, U.S. consumer prices rose 2.7% in July compared with a year earlier, matching the annual pace recorded in June. So, what does this mean