It was reported this morning by CNBC that both the consumer price index and core inflation rose for the month of June:

Consumer prices rose in June as President Donald Trump’s tariffs began to slowly work their way through the U.S. economy.

The consumer price index, a broad-based measure of goods and services costs, increased 0.3% on the month, putting the 12-month inflation rate at 2.7%, the Bureau of Labor Statistics reported Tuesday. The numbers were right in line with the Dow Jones consensus, though the annual rate is the highest since February and still above the Federal Reserve’s 2% target.

Excluding volatile food and energy prices, core inflation picked up 0.2% on the month, with the annual rate moving to 2.9%, with the annual rate in line with estimates. The monthly level was slightly below the outlook for a 0.3% gain.

Before June, inflation had been on a generally downward slope for the year, with the headline CPI at a 3% annual rate back in January and progressing gradually slower in the subsequent months despite fears that Trump’s trade war would drive prices higher.

While the evidence in June was mixed on how much influence tariffs had over prices, there were signs that the duties are having an impact.

 
Rick Santelli said this morning on CNBC that inflation is going to ‘ebb and flow’, and explained how he looks at it: