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Prices continued to rise in July, though not quite as quickly as the previous month. The government’s Personal Consumption Expenditures (PCE) report, the inflation measure the Federal Reserve watches most closely, showed overall prices up 0.2% from June, slightly lower than June’s 0.3% increase.

Compared with a year ago, prices remain 2.6% higher, the same as in June.

The bigger story is in core inflation, which excludes food and energy. Core prices rose 0.3% in July and are now 2.9% higher than a year ago, marking the fastest yearly gain since February.

For households, this means the cost of living is still climbing. For businesses, including restaurants, it signals that inflation pressures persist, and the Federal Reserve will likely continue monitoring trends closely when considering interest rate decisions.

To read the full report from the National Restaurant Association, click here.