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.

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.

While the final COLA won’t be announced until October, projections are becoming more refined as midyear data solidifies. This article originally appeared here and was republished with permission.

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.

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.

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

Both the S&P 500 (.SPX) and Nasdaq (.IXIC) - and by extension, MSCI's world equities index (.MIWD00000PUS) - retreated from record peaks after traders shaved back bets of U.S. rate cuts this year as prices rose for things such as coffee and couches, while staying steady for tariff-exempted (for now) items such as cars.