Inflation, tariffs
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Inflation, June
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The report on producer prices adds to a mixed picture for inflation as the economy adjusts to the imposition of import tariffs.
Inflation is creeping back up, and that could mean big changes for your credit card rates. Here's what to know.
U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher.
The Bureau of Labor Statistics reported that the consumer price index (CPI), a popular inflation gauge, increased in June to 2.7% on an annual basis as prices rose for consumers.
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Factory-gate prices held steady in June, surprising economists. The producer-price index was flat last month, the Labor Department said, missing forecasts for a 0.2% rise. The index rose by a revised 0.
Progress in bringing down the rate of inflation has halted, at least for now. But even with June’s boost in price growth, economists expect the full effects of higher tariffs to push inflation even higher in the coming months.
Higher inflation could give the Bank of England pause for thought over cutting interest rates.