The CPI was forecast to rise 2.7% last month, higher than last month's rate of 2.4%, according to economists polled by financial data firm FactSet. June's reading is the highest since February, when the CPI rose 2.8% on an annual basis.

Canada's annual inflation rate rose to 1.9% in June, meeting analysts' expectations, as increases in the price of automobiles, clothing and footwear pushed the index higher, data showed on Tuesday.

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.

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.

Dow falls 300 points, S&P 500 flat and Nasdaq climbs after June CPI report; JPMorgan tops estimates Investors are digesting important inflation data in the U.S