The Federal Reserve’s preferred inflation gauge ticked higher last month in a sign that President Donald Trump’s broad-based tariffs are starting to lift prices for many goods. Prices rose 2.6% in June compared with a year ago,

The Federal Reserve’s preferred measure of inflation edged higher in June, the Commerce Department reported on Thursday. Consumer prices ticked up 0.3% for the month and 2.6% year over year, according to the government’s Personal Consumption Expenditures price index.