The Consumer Price Index in June rose 2.7% on an annual basis, a sign inflation around the U.S. is creeping up after declining earlier this year. The CPI was forecast to rise 2.7% last month, higher than last month's rate of 2.4%, according to economists polled by financial data firm FactSet.

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

Tuesday's mixed CPI report has further solidified expectations that the Fed will continue to hold interest rates steady. Read more here.

Businesses across the economy are passing increased input costs from tariffs along to consumers in the form of higher prices, the Federal Reserve’s latest anecdotal survey of domestic economic

June's uptick in consumer prices likely gives the Fed room to stay on hold as uncertainty over tariffs clouds the timing of its next rate cut, according to economists.

Initial early gains following the June data were reversed as pass-through effects from tariffs stoke concerns.

The CPI rose 0.3% month-over-month in June, accelerating from May’s 0.1% pace. Year-over-year inflation also jumped to 2.7%, up from 2.4% in May. Core CPI, which excludes food and energy, rose 0.2% in June and came in at 2.9% annually — signs that underlying inflationary pressure remains sticky.

The consumer price index for June is expected to show that Trump tariffs began to nudge inflation higher last month.