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.

US wholesale inflation was muted in June, despite expectations for an increase amid the rollout of tariffs.

In our view, these are worth watching as pre-tariff inventories are drawn down and shelves are stocked with goods imported post Liberation Day.

US consumers probably experienced slightly faster price growth in June as companies started to pass along the higher cost of imported merchandise associated with tariffs.