The June CPI report shows that inflation is accelerating, but at a pace that's in line with economists' expectations. The latest Consumer Price Index (CPI) report indicated a slight impact on inflation from President Donald Trump's tariff policies, although the acceleration was in line with what economists expected.

Stocks closed mostly lower Tuesday as inventors digested important inflation data in the U.S., as well as big bank earnings from JPMorgan.

Consumer prices in the New York area, including Long Island, rose at a faster pace in June than in May, driven in part by higher costs for child care, housing and groceries, such as meat and eggs.

CPI data shows headline and core inflation in line with expectations. Check out my thoughts on financial markets' reaction to CPI data.

The CPI rose 0.3% month-over-month in June, accelerating from May’s 0.1% pace. Year-over-year inflation also jumped to 2.7%, up from 2.4% in May. Core CPI, which excludes food and energy, rose 0.2% in June and came in at 2.9% annually — signs that underlying inflationary pressure remains sticky.