As tariff effects began to work their way through the U.S. economy, inflation ticked upward in June on both a month-over-month and annual basis, generally and in the household sector.
The United States Bureau of Labor Statistics reported that the Consumer Price Index increased 0.3% on a seasonally adjusted basis in June, following a 0.1% rise in May. The all-items index had increased 2.7% over the past 12 months before seasonal adjustment.
In May, the 12-month increase stood at 2.4%.
The core index for all items, excluding food and energy, rose 0.2% in June, following a 0.1% increase in May and an increase of 2.9% over the past 12 months.
The household furnishings and operations index rose 1% in June, after increasing 0.3% in May. Over the past 12 months, the household furnishings and operations index increased 3.3%.
Gains in both the apparel and household furnishings indexes, up 0.4% month-over-month in June, suggested that tariffs impacted prices, although some observers pointed out that it is unclear how much of the effect is due to duties.
