Consumer prices posted the biggest increase in June in five months and are likely to keep the Federal Reserve from cutting interest rates soon, but there only scattered signs of tariff-related inflation.

Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

The U.S. is expected on Tuesday to report that rising costs for imported goods lifted overall consumer prices in June, kicking off what might be several months at least of such increases and giving Federal Reserve officials highly awaited data on whether the Trump administration's tariffs are boosting inflation.

The acceleration in the CPI reading is bad news for President Donald Trump, who is pushing for the Federal Reserve to cut interest rates and stimulate the economy. The Fed's Board of Governors has so far resisted cutting rates to see how Trump's tariffs affect prices, concerned that summer would see a spike in inflation.

The Bureau of Labor Statistics on Tuesday released June inflation data, showing prices increased from the prior month. Hours later, President Trump called on the Fed to lower rates.

A busy week ahead for investors will see inflation data, the debate about the Fed's next move, and the start of second quarter earnings season all come into focus after a flurry of trade activity last week.

Minutes from the Fed’s June policy meeting tease at a looming split over whether and when officials will resume rate cuts.

The emerging divide among Federal Reserve officials over the outlook for interest rates is being driven largely by differing expectations for how tariffs might affect inflation, a record of policymakers’ most recent meeting showed.