U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher.

U.S. stocks opened moderately higher on Wednesday, boosted by a tamer-than-expected inflation reading and blowout quarterly results from big banks.

Progress in bringing down the rate of inflation has halted, at least for now. But even with June’s boost in price growth, economists expect the full effects of higher tariffs to push inflation even higher in the coming months.

The figure for June marks the fastest rate of inflation, which measures how quickly prices are rising, since January 2024.

Bank of England interest rate-setter Catherine Mann said on Wednesday that strong demand without corresponding supply-side growth risks creating a "sugar high" for the economy that could end poorly.

WASHINGTON (AP) — Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

Higher inflation could give the Bank of England pause for thought over cutting interest rates.

The deadline for the start of Trump's heaviest tariffs has been delayed a few weeks, but a new report has nonetheless shown that inflation is once again on the rise.