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

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

A number of factors, including a lack of significant gains in auto prices, are masking the extent of the shift.

Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.

Egg prices cooled significantly in June, deviating from an overall rise in prices. The price of eggs climbed 27% over the year ending in June, which marked a slowdown from 41% year-over-year growth in May. Under Trump, inflation has defied doomsday predictions and helped to propel sturdy economic performance.

Current tariff collections equate to 0.1% monthly inflation, aligning with recent CPI data. See why I’m skeptical that tariffs will lead to widespread inflation.

U.S. equity funds again came under selling pressure through the week to July 16, dampened by worries over President Donald Trump's tariff rhetoric and the buildup in inflationary pressure, potentially keeping the Federal Reserve cautious about a premature rate cut.

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

Federal Reserve governor Adriana Kugler said the Fed should hold interest rates steady for a while to come, because new trade barriers are likely to spark more inflation in the months ahead. Speaking at a housing conference in Washington,

Inflation is moving higher and the impact of tariffs are only beginning to show up in government data, likely keeping interest rates on hold.

Rising rents were the main driver of inflation in June. But the price of clothing, appliances and toys also jumped — which likely reflects the effects of import taxes. Clothing prices rose 0.4% while the price of appliances and toys jumped nearly 2%.

A new report found inflation on the rise in June, another indicator of the affect Donald Trump's tariffs are having on the US economy.