Expectations for widespread price hikes following a wave of new tariffs this year have largely fallen short, surprising economists and fueling claims from tariff defenders that the levies are having no impact on inflation.

U.S. inflation accelerated in June as the President's tariffs hit the economy and drove prices higher across multiple sectors.

Consumer prices probably rose 2.6% last month from a year ago, up from an annual increase of 2.4% in May, according to data provider FactSet.