US wholesale inflation was muted in June, despite expectations for an increase amid the rollout of tariffs. The Producer Price Index, which measures the average change in prices paid to producers, was unchanged from May, keeping the annual rate of wholesale-level inflation at 2.3%.

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

Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.