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

Monetary policymakers have held off on lower interest rates for months, citing the risk of tariff-induced inflation. Several now say this week's CPI and PPI reports confirmed their suspicions.

Expectations for widespread price hikes following a wave of new tariffs this year have largely fallen short, surprising economists and fueling claims from tariff defenders that the levies are having no impact on inflation.

US wholesale inflation was muted in June, despite expectations for an increase amid the rollout of tariffs. The Producer Price Index, which measures the average change in prices paid to producers, was unchanged from May, keeping the annual rate of wholesale-level inflation at 2.3%.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Inflation in June showed scattered signs of rising costs tied to the Trump tariffs, but Americans simply aren’t paying sharply higher prices because of U.S. trade wars. Here are four things we learned from the latest consumer-price index report.

The Indian rupee is set to open weaker on Wednesday after June U.S. inflation data hinted at tariff-driven price pressures, prompting markets to scale back bets of Federal Reserve rate cuts and pushing the dollar and U.