Japan’s inflation in June gives the Bank of Japan few reasons for immediate cheer. Headline and core inflation decelerated, even as supply-driven food price pressures remained high. Services price inflation, meanwhile, is stubbornly low, indicating that the “wage-price virtuous circle” is still not playing out in the economy.

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 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.

Consumer Price Index (CPI) report was unexpectedly hot, showing a 0.3% increase month-over-month and a 2.7% rise year-over-year. In response, markets fell from recent highs. This is likely due to investors reassessing the likelihood of near-term interest rate cuts by the Federal Reserve.

Britain's annual rate of consumer price inflation rose to 3.6% in June from 3.4% in May, above economists' expectations in a Reuters poll for the rate to remain unchanged, official figures showed on Wednesday.

CPI inflation rose faster than expected, aligning with forecasts for higher inflation in the coming months. Check out what investors need to know.

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.