Inflation has risen to 2.7% in June, the highest since February, largely influenced by President Trump's tariffs. Consumer prices increased from an annual increase of 2.4% in May. Monthly prices also climbed 0.3% from May to June. The inflation spike creates political pressure on Trump, who previously promised to lower costs. Core inflation, excluding food and energy, rose 2.9%. Price hikes have affected gasoline, groceries, appliances, and clothing. Economic reactions to tariffs will guide Federal Reserve decisions on interest rates, with Trump urging reductions.
Consumer prices rose 2.7% in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4% in May.
The uptick in inflation was driven by a range of higher prices, including gasoline, grocery, appliance, and clothing prices.
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