The Consumer Price Index in June rose 2.7% on an annual basis, a sign inflation around the U.S. is creeping up after declining earlier this year.By the numbersThe CPI was forecast to rise 2.7% last month,

The price strength could mark the early signs of inflation driven by the new tariff regime — especially with more duties scheduled to take effect Aug. 1. According to Sevens Report, “There was enough in this report to keep alive concerns that tariffs will stoke inflation.

Consumer prices in the New York area, including Long Island, rose at a faster pace in June than in May, driven in part by higher costs for child care, housing and groceries, such as meat and eggs.

CPI data shows headline and core inflation in line with expectations. Check out my thoughts on financial markets' reaction to CPI data.

Dow falls 300 points, S&P 500 flat and Nasdaq climbs after June CPI report; JPMorgan tops estimates Investors are digesting important inflation data in the U.S

The CPI rose 0.3% month-over-month in June, accelerating from May’s 0.1% pace. Year-over-year inflation also jumped to 2.7%, up from 2.4% in May. Core CPI, which excludes food and energy, rose 0.2% in June and came in at 2.9% annually — signs that underlying inflationary pressure remains sticky.

June’s U.S. CPI print showed that there is evidence of inflation pressures in the product categories that are most exposed to tariffs, said Parker Ross, global chief economist at Arch Capital Group. Household furnishings and supplies saw prices jump by 0.