The Indian rupee is set to open weaker on Wednesday after June U.S. inflation data hinted at tariff-driven price pressures, prompting markets to scale back bets of Federal Reserve rate cuts and pushing the dollar and U.

US inflation surged in June, as higher prices — including those from tariffs — are packing a bigger punch. Consumer prices rose 0.3% last month, pushing the annual inflation rate higher to 2.7%, according to the latest Consumer Price Index data released Tuesday by the Bureau of Labor Statistics.

Metro Phoenix continues to have the lowest inflation of any major U.S. city. The 0.2% climb in consumer prices here compares to 2.7% for the nation.

The US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) climbed 2.7 per cent year-over-year in June, up from May’s 2.4 per cent rise

MSCI's global equities index lost ground on Tuesday after touching a record high, while U.S. Treasury yields hit their highest level in more than a month, as investors digested a slight rise in U.S. inflation and took a mixed view of quarterly results from big banks.

Inflation rose last month to its highest level in four months as the cost of gas, food, and groceries rose, reversing several months of cooling price pressures.

WASHINGTON: US consumer inflation picked up in line with analyst expectations in June, government data showed on Tuesday (Jul 15), with vehicle costs cooling over the month but increases seen in sectors exposed to President Donald Trump's widening slate of tariffs.

After months of seeing very little inflation, US consumers probably experienced slightly faster price growth in June as companies started to pass along the higher cost of imported merchandise associated with tariffs.