“Inflation indices are comprehensive: Rising goods prices are showing up in the inflation data; however, they’ve largely been overshadowed by factors such as falling gas prices and a continued slowing of price hikes for services, particularly rent and housing. As such, inflation data to this point has remained fairly muted — for now.”

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“Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.”

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“Winograd also noted that housing costs, a big inflation driver since the pandemic, have continued to cool, actually holding down broader inflation. The cost of rent rose 3.8% in June compared with a year ago, the smallest yearly increase since late 2021.”

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“The latest C.P.I. report comes amid uncertainty over the trajectory for inflation after President Trump’s tariffs began to push up some consumer prices last year. Food prices rose in January, but only modestly. Housing costs, which make up more than a third of the overall index, rose just 0.2 percent for the month.”

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