Inflation Ticked Up Last Month Due To Trump’s Tariffs

The New York Times reports:

Inflation accelerated in June as President Trump’s tariffs started to leave a bigger imprint on the economy, keeping the Federal Reserve on track to hold interest rates steady when policymakers next meet this month.

The Consumer Price Index rose 2.7 percent from a year ago, the swiftest pace since February, data released by the Bureau of Labor Statistics showed on Tuesday. That is slightly higher than expected and is up from an annual pace of 2.4 percent in May.

“Core” inflation, which strips out volatile food and energy prices and is seen as a reliable gauge for underlying price pressures, also shifted higher. Those prices were up 2.9 percent from the same time last year.

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Breaking news: US inflation climbed to 2.7% in June, surpassing expectations and signalling that Donald Trump’s tariffs are hitting prices https://t.co/0dJm6TVTQI pic.twitter.com/xUo1B1TmV6

— Financial Times (@FT) July 15, 2025