Inflation rose by 2.7 percent in June following warnings from economists that the cost of President Trump’s tariffs would start to show up in consumer prices over the summer.
The Labor Department’s consumer price index (CPI) rose by 0.3 percent on the month to hit an increase of 2.7 percent compared to last year. The Federal Reserve’s target for inflation is 2 percent.
Economists were expecting an annual rise in the June index of between 2.6 percent and 3.0 percent, so the increase is in line with their expectations.
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