U.S. consumer prices picked up in June, likely marking the start of a long-anticipated tariff-induced increase in inflation that has kept the Federal Reserve cautious about resuming its interest rate cuts.

Based on latest CPI data, prices showed signs of creeping higher in June. However, there were enough dovish points to support those pushing for looser monetary policy.

The report on producer prices adds to a mixed picture for inflation as the economy adjusts to the imposition of import tariffs.