MNI BRIEF: US June CPI Rose As Expected As Tariffs Kick In

U.S. CPI inflation accelerated to 0.287% in June from 0.1% the previous month as tariffs began to have an impact on consumer prices, and core inflation to 0.228% from 0.1%, meeting analyst expectations. Over the past 12 months, headline inflation rose to 2.7% from 2.4% and core to 2.9% from 2.8%, the Bureau of Labor Statistics said Tuesday. 

Core goods prices rose 0.20% in the month, up from -0.04% in May, and core services were up 0.25% compared to 0.17% in May. Core services excluding housing prices, or supercore CPI, rose to 0.212% from 0.061% the previous month, close to analyst estimates. Federal Reserve officials have said they're in wait-and-see mode on interest rates as data come in on the inflation effect of President Trump's tariffs. (See: MNI INTERVIEW: Fed's Daly: Time To Think About Adjusting Rates)