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.

US consumer inflation picked up in line with analyst expectations last month, government data showed Tuesday, as policymakers try to gauge how President Donald Trump's ever-growing list of tariffs is affecting the economy.

New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.