U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher.

Core inflation excluding volatile food and energy prices was 2.9%, also in line with forecasts.

Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

The consumer price index in June was expected to increase 2.7% from a year ago, according to the Dow Jones consensus estimate.

Metro Phoenix continues to have the lowest inflation of any major U.S. city. The 0.2% climb in consumer prices here compares to 2.7% for the nation.

The tariff-driven inflation that economists feared begins to emerge Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of ...