While pundits looked with their magnifying glasses for tariffs in consumer goods prices, it was in services, which are not tariffed, where inflation took off again.

In June, the Consumer Price Index rose 2.7% on an annual basis, a sign inflation around the U.S. is creeping up after declining earlier this year.

The June inflation data is likely to keep Federal Reserve officials cautious, open to cutting interest rates later this year without committing to any course of action. The consumer-price index wasn’t

Inflation in June showed scattered signs of rising costs tied to the Trump tariffs, but Americans simply aren’t paying sharply higher prices because of U.S. trade wars. Here are four things we learned from the latest consumer-price index report.

Inflation rises to 2.7% in June, driven by earlier tariffs. Learn how this surge impacts the Fed's strategy and economic outlook.

Take a look at how various financial markets are trading after the release of June's consumer-price index: Treasury yields, the dollar, oil and gold.

Services inflation, especially rent and shelter inflation, continued to decline, offsetting rising core goods inflation that may be influenced by tariffs, Steve Hou, a quant researcher at Bloomberg, said in a Tuesday post on X.