Inflation accelerated in June as the Fed weighs the impact of tariffs in rate cut timing

Inflation increased in June and moved further away from the Federal Reserve's target rate as central bank policymakers prepare to meet later this month amid President Donald Trump's calls for interest rate cuts.The Bureau of Labor Statistics on Tuesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – rose 0.3% in June compared with last month, while it was up 2.7% on an annual basis. Those figures were slightly higher than the estimate of economists polled by LSEG.Both marked accelerations from last month, when the m