U.S. inflation increased in June as tariffs boosted prices for imported goods like household furniture and recreation products, supporting views that price pressures would pick up in the second half of the year and delay the Federal Reserve from resuming cutting interest rates until at least October.

Prices for goods rose in June as businesses passed the cost of tariffs on to customers, according to the Federal Reserve's preferred measure of inflation.

Tariffs pose rising inflation and rate cut risks for H2 2025 as CPI data hints at early price pressures in key goods. See why markets may be underpricing this threat.