President Donald Trump's far-reaching tariffs are starting to push sticker prices, though not as much as some economists had forecast.

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

National Economic Council Director Kevin Hassett, a top economic advisor to Trump, on Monday rebuked concerns about tariff-related inflation. The Fed, Hassett told CNBC, has been "very, very wrong" in its assessment of a potential resurgence of price increases.

Even with only limited signs of increasing effects from tariffs, inflation is once again accelerating in America. The total measure of inflation in June was right in line with expectations on Tuesday,

The June CPI report shows that inflation is accelerating, but at a pace that's in line with economists' expectations. The latest Consumer Price Index (CPI) report indicated a slight impact on inflation from President Donald Trump's tariff policies, although the acceleration was in line with what economists expected.

June’s inflation report will be looked at not so much for what the headline numbers show than what’s in the underlying data.

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