Inflation is continuing to rise with consumer prices jumping another .5% in July, showing down from June’s .9% increase.

CNBC reports:

The Labor Department reported Wednesday that its consumer price index rose 5.4% in July from a year earlier, in line with June’s figure and matching the largest jump since August 2008. The government said CPI increased 0.5% on a month-over-month basis.

Excluding energy and food, CPI rose by 0.3% last month, shy of economist expectations of a 0.4% increase and well below June’s rise of 0.9%. The core figure is up 4.3% over the last year, a slight deceleration from June’s 4.5%.

Economists often consider core CPI to be a more reliable indicator since it’s insulated from the frequent swings in petroleum and food prices.

Chairman Jerome Powell and other officials acknowledge the recent acceleration in prices, but believe that the inflation is “transitory” and that prices won’t continue to increase at their current pace for too long.