The new CPI report was released Thursday, and for the first time in over a year, inflation ticked up on an annual basis.
Headline inflation rose 3.2 percent in the year ending July.
Prices rose 0.2 percent on a monthly basis, driven by shelter costs, which accounted for 90 percent of the increase
Despite the uptick in the headline number, the July report showed that underlying inflation continued its cooling streak.
President Joe Biden on Wednesday signed an executive order that will prohibit some new U.S. investment in China in sensitive technologies like computer chips and require government notification in other tech sectors.