While pundits looked with their magnifying glasses for tariffs in consumer goods prices, it was in services, which are not tariffed, where inflation took off again.

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Inflation in June showed scattered signs of rising costs tied to the Trump tariffs, but Americans simply aren’t paying sharply higher prices because of U.S. trade wars. Here are four things we learned from the latest consumer-price index report.

U.S. Core CPI was lighter than expected for the fifth straight month as slowing services inflation helped to offset higher goods prices.

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Services inflation, especially rent and shelter inflation, continued to decline, offsetting rising core goods inflation that may be influenced by tariffs, Steve Hou, a quant researcher at Bloomberg, said in a Tuesday post on X.

South Africa’s central bank Governor Lesetja Kganyago signaled confidence that inflation would remain within its target for the next two years, despite uncertainties stemming from US tariffs.

P. Palanivel, 73, assistant secretary, Communist Party of India (CPI) Idukki district committee. | Photo Credit: SPECIAL ARRANGEMENT