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.

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.

The Bureau of Labor Statistics reported that the consumer price index (CPI), a popular inflation gauge, increased in June to 2.7% on an annual basis as prices rose for consumers.

Mortgage rates rose this week, but steady inflation data suggests a more stable outlook. Buyers may benefit from clearer signals in the months ahead.

Stocks tiptoed toward fresh highs, then got cold feet. A glimmer of hope from Nvidia’s China chip sales briefly lit the room, but cooler-than-hoped inflation doused the mood.

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

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.

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.