Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.

Egg prices cooled significantly in June, deviating from an overall rise in prices. The price of eggs climbed 27% over the year ending in June, which marked a slowdown from 41% year-over-year growth in May. Under Trump, inflation has defied doomsday predictions and helped to propel sturdy economic performance.

A slight easing in consumer inflation is welcome news for the Japanese central bank, but stubbornly high food prices will be of concern for policymakers.

The report on producer prices adds to a mixed picture for inflation as the economy adjusts to the imposition of import tariffs.

Japan’s inflation in June gives the Bank of Japan few reasons for immediate cheer. Headline and core inflation decelerated, even as supply-driven food price pressures remained high. Services price inflation, meanwhile, is stubbornly low, indicating that the “wage-price virtuous circle” is still not playing out in the economy.

Federal Reserve governor Adriana Kugler said the Fed should hold interest rates steady for a while to come, because new trade barriers are likely to spark more inflation in the months ahead. Speaking at a housing conference in Washington,

The figure for June marks the fastest rate of inflation, which measures how quickly prices are rising, since January 2024.

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