Inflation accelerated again last month with global trade turmoil exacting a toll on consumer prices.

The Consumer Price Index rose 2.7% over the prior year in July, and 0.2% from June.

Airfares, used cars, and shelter costs all marched higher, while food prices held fairly steady. (Except for coffee — the morning staple continues to see steep price hikes.)

Here’s what the latest CPI report means for your household.

Learn more: What is the consumer Price Index (CPI)?

Economists and consumers alike are on high alert for signs of President Trump's sweeping global tariffs showing up at the cash register. "Core" inflation, which excludes volatile food and energy costs, marked the largest gain in six months, a potential sign that imported, tariffed goods are driving the story.

The BLS highlighted home furnishings, which rose 0.4% from June.

"There are clear signs (that) a range of goods prices are moving higher, pushing core goods inflation to a more than two-year high," Michael Pearce, Deputy Chief US Economist at Oxford Economics, said in a statement. "But some major tariffed items, including autos and major appliances, have yet to show much impact."

Read more: How Trump's tariffs affect your money

Grocery prices dipped 0.1% in July but are still 2.2% higher than a year ago.

Eggs, whose price spirals have come to symbolize inflation anxiety, fell 3.9 percent from June, after dropping 7.4% compared to May. But they're still a steep 16.4% higher than a year ago.

A dozen large Grade A eggs, on average, cost $3.60 in June, down from $3.76 in June and $4.55 in May.

A real pain point: the price of coffee, which is 14.5% than a year ago.

Meat prices, especially beef, remain elevated: Ground beef is 11.5% higher than a year ago, and steaks are up 12.4%. According to the BLS, a pound of ground chuck now averages $6.34. Ham and pork chops both saw increases, while poultry prices remained flat compared to June.

The cost of eating out increased 0.3% from June and was 3.9% higher than a year ago.

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Medical services increased 0.8% from June and are 4.3% higher than a year ago. That category includes hospital services, which are 5.8% higher than a year ago, and nursing home care, which is up 4.7%.

Prescription drug prices fell 0.2% from June while over-the-counter drug prices eased 0.5% monthly.

Health insurance rose 4.4% compared to July 2024 and was up 0.4% monthly.

Shelter costs have eased from pandemic-era price spikes, but home affordability is still a strain for both renters and owners. Housing inflation rose 0.2% last month and is up 3.7% in the last year.

But there are signs that housing costs are cooling this year. While the Northeast remains a sellers' market, other regions of the US have shifted to favor buyers and prices are on the decline.

Learn more: What does the latest CPI report reveal about mortgage rates?

Car prices, especially used cars, also spiked during the pandemic before settling somewhat recently. But used car prices popped 0.5% from June and nearly 5% higher than a year ago. The new car index was flat compared to June.

But there was good news at the gas pump.

The gasoline index fell 2.2% from June and was 9.5% lower than a year ago. As of Aug. 12, the national average for gasoline was $3.14 per gallon, according to AAA data, down from $3.44 a year ago.

Airfares, which slowed in June, were back up last month, notching a 4% increase.

Inflation remains above the Federal Reserve's target of 2%. July's inflation reading underscores the task facing the Fed in its September meeting, with inflation on the rise but the labor market showing signs of serious struggle. For now, traders are betting heavily on a rate cut next month.

"Although core annual inflation is back to its highest level since February, today’s CPI print is not hot enough to derail the Fed from cutting rates in September," Seema Shah, chief global strategist at Principal Asset Management, wrote in reaction to the report.

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