New government data released today shows that inflation increased by 2.7% on an annual basis in June, marking its highest level in four months and potentially indicating that President Trump’s tariffs may be beginning to impact consumers.
According to today’s report from the Bureau of Labor Statistics, the Consumer Price Index (CPI) rose 2.7% year-over-year in June, up from May’s 2.4% increase. This rise was mainly due to a reversal in declining gas prices. Economists had anticipated a headline inflation rate of 2.6%.
Excluding volatile food and energy, the core CPI increased by 2.9% over the past year in June, up from May’s 2.8%. Monthly core prices increased by 0.2%, slightly higher than May’s 0.1%. Economists expected the core CPI to rise by 2.9% year over year and 0.3% month over month in the report.
The report comes as President Trump has issued new notices to over 20 countries, detailing tariffs ranging from 20% to 50%, including a 35% duty on Canadian products and 30% tariffs on imports from Mexico and the EU.
Experts predict that these new tariffs could further impact inflation and result in higher prices for consumers.
By CEO NA Editorial Staff
