Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

A number of factors, including a lack of significant gains in auto prices, are masking the extent of the shift.

Factory-gate prices held steady in June, surprising economists. The producer-price index was flat last month, the Labor Department said, missing forecasts for a 0.2% rise. The index rose by a revised 0.

The figure for June marks the fastest rate of inflation, which measures how quickly prices are rising, since January 2024.

Current tariff collections equate to 0.1% monthly inflation, aligning with recent CPI data. See why I’m skeptical that tariffs will lead to widespread inflation.

Consumer Price Index (CPI) report was unexpectedly hot, showing a 0.3% increase month-over-month and a 2.7% rise year-over-year. In response, markets fell from recent highs. This is likely due to investors reassessing the likelihood of near-term interest rate cuts by the Federal Reserve.

Monthly price growth in Russia slowed significantly in June, the first meaningful sign that the central bank’s battle against inflation may be turning a corner after a protracted period of ultra-tight monetary policy.