The U.S. Bureau of Labor Statistics reported its monthly Consumer Price Index on Aug. 10, showing that consumer inflation modestly accelerated in July compared to June, though overall inflation remains near a two-year low.

The July CPI showed that the all items index increased 3.2% over-year, following a 3.0% increase in June. 

Core inflation — which excludes volatile food and energy categories — rose 4.7% year-over-year, following increases of 4.8% in June and 5.3% in May.

July’s energy index fell 12.5% year-over-year, while the food index increased 4.9%.

On a month-to-month basis, July’s all items CPI increased 0.2% for a second straight month, with the index for shelter driving 90% of the increase. The monthly food index increased 0.2% (0.1% in June), while the energy index ticked up 0.1%. 

Monthly core CPI likewise increased 0.2% in July for a second straight month.