Inflation is creeping back up, and that could mean big changes for your credit card rates. Here's what to know.

Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

The Bureau of Labor Statistics reported that the consumer price index (CPI), a popular inflation gauge, increased in June to 2.7% on an annual basis as prices rose for consumers.

U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher.

A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.

Progress in bringing down the rate of inflation has halted, at least for now. But even with June’s boost in price growth, economists expect the full effects of higher tariffs to push inflation even higher in the coming months.

Rising prices across an array of goods from coffee to audio equipment to home furnishings pulled inflation higher in June in what economists see as evidence of the Trump administration's increasing import taxes passing through to consumers.

Higher inflation could give the Bank of England pause for thought over cutting interest rates.