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

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

President Donald Trump swept into office in January with a promise to tackle what he called the "inflation crisis" that had kicked off under his predecessor.

Higher tariffs put in place by the Trump White House this year have started to increase inflation, and these effects are likely to increase in the coming months, New York Fed President John Williams said Wednesday.

President Donald Trump may ultimately get his wish for lower interest rates, but it isn’t likely to be the result of his intensifying criticism of Federal Reserve Chairman Jerome Powell.

A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.

New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.

The Bureau of Labor Statistics reports a 0.3% increase in the consumer price index last month, raising the annual inflation rate to 2.7%.