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US Inflation data: Consumer prices jump to 2.7% in June; Fed rate cut in doubt as Donald Trump faces pressure

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U.S. inflation climbed to 2.7% in June, marking the highest level since February, driven by rising costs for gas, food, and groceries. This increase reverses months of cooling inflation and exceeds May’s 2.4% rise. The inflation spike presents a political challenge and may deter the Federal Reserve from cutting interest rates.

Inflation in the United States rose to 2.7% in June from a year earlier, the highest level since February, as prices for gas, food and groceries climbed, the Labour Department said on Tuesday. The increase reversed several months of cooling inflation and came in higher than the 2.4% rise recorded in May.On a monthly basis, consumer prices increased by 0.3% from May to June, after a 0.1% rise the previous month, AP reported.The spike in inflation poses a political challenge for President Donald Trump, who had promised during last year’s campaign to bring down costs immediately. The sharp price surge in 2022–2023 was the worst in four decades and had undermined former president Joe Biden’s economic credibility.The rise in prices is also likely to make the Federal Reserve more reluctant to cut its short-term interest rate, despite Trump’s repeated demands for a rate cut.Excluding food and energy, core inflation rose 2.9% in June from a year earlier, compared to 2.8% in May. On a monthly basis, core prices increased by 0.2%.

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