A new inflation report released this morning shows the country’s 12-month inflation rate has gone up for a second consecutive month. Economists have been warning about the impact of President Trump’s tariff threats.

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.

Energy and housing costs were the major drivers of inflation, but consumers are starting to feel the impact of tariffs on basic goods.