Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher in June in what economists see as evidence of the Trump administration's increasing import taxes passing through to consumers.

That’s partly because tariff-sparked inflation rose higher in June than in May year-over-year. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter💰💵 The Federal Open Meeting Committee (FOMC) of the Federal Reserve Bank will vote later this month on how monetary policy will react to the updated inflation data.

Key Takeaways Inflation rose in June, moving further from the Federal Reserve's goal of 2% each year.This flare of inflation will likely discourage the Fed from cutting its influential interest rate later this month.

Some economists think inflation will hit 3.5% in this morning’s report, coming in above the Bank of England’s forecast. We look at what to expect.

Energy and housing costs were the major drivers of inflation, but consumers are starting to feel the impact of tariffs on basic goods.

US consumer inflation picked up in line with analyst expectations in June, government data showed Tuesday, with vehicle costs cooling over the month but increases seen in sectors exposed to