Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

Expectations for widespread price hikes following a wave of new tariffs this year have largely fallen short, surprising economists and fueling claims from tariff defenders that the levies are having no impact on inflation.

A changing pricing environment and renewed social inflation worries will be among the focal points for US property and casualty insurers when they release second quarter results.