The U.S. Bureau of Labor Statistics announced on the 15th (local time) that the consumer price index (CPI) rose by 2.7% in June compared to the previous year.
This is in line with market expectations (Bloomberg). However, it is 0.3 percentage points higher than the previous month (2.4%), indicating that the rate of increase is widening.
The core consumer price index, excluding volatile food and energy prices, was recorded at a year-on-year increase of 2.9%, up 0.2 percentage points. This is slightly below the expected value (3.0%).
The rise in the consumer price index in June follows a 0.1 percentage point increase last month and is interpreted as reflecting the beginning of the impact of tariffs.
There was an analysis that inflation was contained until June, as corporations increased imports significantly in anticipation of tariff imposition, leading to sufficient inventory. However, it is expected that the inventory will be depleted and tariffs will be reflected in consumer prices going forward.
Jerome Powell, chair of the Federal Reserve (Fed), noted during congressional testimony on the 24th of last month that it is difficult to predict the price impact of tariffs but mentioned that there is a possibility of a significant effect on the economy from June to August.