Inflation accelerated in June in the United States, with the duties of President Donald Trump who started leaving a more marked imprint on the economy, strengthening the bets that the Federal Reserve keep interest rates stable at the next monetary policy meeting this month.
Headline data
According to the Bureau of Labor Statistics (BLS) American, consumer prices recorded, in June 2025, an increase of 0.3% on a monthly basis, after +0.1% of the previous month and against +0.3% expected by analysts.
The index relating to the accommodation, it increased by 0.2% in June, representing the main factor of the monthly increase of all items. The energy index increased by 0.9% in June, with the growth of petrol in 1.0% in the month. The food index has increased by 0.3%, with the index relating to the food consumed at home growing by 0.3% and the index relating to the food consumed outside the home growing by 0.4% in June.
On an annual basis, The growth of inflation was 2.7%uphill compared to 2.4% of the previous month, more than expected by the Consensus (+2.6%). The energy index decreased by 0.8% in the 12 months ended in June. The food index has increased by 3.0% in the last year.
Core data
The “core ”installments, That is, the price of consumer prices purified of the most volatile components such as food and energy, more observed by the FED, recorded an increase of 0.2% on a monthly basis, ( +0.3% estimated by the market), after +0.1% of the previous month. The tendential growth stands at +2.9%, below 3% of the consensus and after the +2.8% detected in May.
The pressures of the duties
Economists They provide that prices on prices will intensify in the coming months, especially if the new duties threatened by the President against the European Union and a series of other countries in the last few days will be imposed on 1 August as expected. So far, inflation has however been more contained than it feared to the return of Trump to the White House.
The signals Of an acceleration of prices on prices they will make it more difficult for the central bank to restart the cuts of interest rates, which have been on the same level since last December. Fed officials have adopted a wait for waiting approach, opting to maintain the costs of money stable until they have a clearer idea of how Trump’s policies – which in addition to the duties include a tight on immigration, tax cuts and shopping and a wide range of deregulation – will have an impact on the economy.
The gearbox at the Fed
The patient approach of the Fed irritated Trumpwhich incessantly asked the central bank to significantly lower interest rates. As part of his pressure campaign against the Fed, he began to criticize President Jerome Powell almost daily, even coming to ask for his resignation.
In an interview with Bloomberg today, the US Treasury Secretary Scott Bessent He said that a “formal process” is already underway to find a possible substitute for Powell, whose mandate expires in the middle of next year. The stay of Powell at Fed At the end of his mandate he would be a source of confusion, added Bessent.
