The Labor Department reported Wednesday that its producer price index was unchanged last month from May after rising 0.3% the previous month. June wholesale prices rose 2.3% from a year earlier, the smallest year-over-year gain since September. Both measures came in below what economists had expected.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

Inflation is speeding up after a period of cooling down earlier this year.

The figure for June marks the fastest rate of inflation, which measures how quickly prices are rising, since January 2024.

US wholesale inflation was muted in June, presenting what would seem to be a better-than-expected outcome amid President Donald Trump’s hefty tariffs on global trading partners. However, a steep drop-off in travel and other services camouflaged an increase in the cost of goods.

WASHINGTON (Reuters) -U.S. President Donald Trump says the Federal Reserve should set its benchmark interest rate at 1% to lower government borrowing costs, allowing the administration to finance the high and rising deficits expected from his spending and tax-cut bill. Trump should be careful what he wishes for.

Economists say it will take time for the effects of trade policies to show up in economic data — but acknowledge they aren’t sure how long.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.