While pundits looked with their magnifying glasses for tariffs in consumer goods prices, it was in services, which are not tariffed, where inflation took off again.

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Services inflation, especially rent and shelter inflation, continued to decline, offsetting rising core goods inflation that may be influenced by tariffs, Steve Hou, a quant researcher at Bloomberg, said in a Tuesday post on X.

Rating agency Crisil, in its latest research report, said that the consumer price index (CPI)-based inflation is expected to average four per cent this financial year, as compared to 4.6 per cent last fiscal.

June’s U.S. CPI print showed that there is evidence of inflation pressures in the product categories that are most exposed to tariffs, said Parker Ross, global chief economist at Arch Capital Group. Household furnishings and supplies saw prices jump by 0.

Consumer prices posted the biggest increase in June in five months and are likely to keep the Federal Reserve from cutting interest rates soon, but there only scattered signs of tariff-related inflation.

On Tuesday, July 15, the BLS will release the June Consumer Price Index report, providing critical insights into how tariffs are impacting prices for shoppe

Follow live coverage of the June CPI data release. Inflation is expected to tick higher because of Trump's tariffs.