Inflation accelerated in June as President Trump’s tariffs started to leave a bigger imprint on the economy, keeping the Federal Reserve on track to hold interest rates steady when policymakers next meet this month.

Over the last decade, prices have generally increased at a rate of 3.5% per year. Over the last 20 years, consumer inflation has typically risen by 3.3% annually. The Federal Reserve, however, has aimed to keep annual inflation at approximately 2%.