The Federal Reserve's preferred inflation gauge showed that prices increased slightly in June as the central bank continues to monitor for signs of tariff-induced inflation impacting consumers.

The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index rose 0.3% on a monthly basis and 2.6% from a year ago, with the headline figure above the estimate of economists polled by LSEG. Those figures mark accelerations from last month's readings of 0.1% and 2.3%.

Core PCE, which excludes volatile food and energy prices, was up 0.3% on a monthly basis in June and 2.8% from a year ago, with the annual figure coming in above estimates. On an annual basis, core PCE was unchanged from last month, though the monthly figure ticked higher from the 0.2% reading in May.

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