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

President Donald Trump swept into office in January with a promise to tackle what he called the "inflation crisis" that had kicked off under his predecessor.

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.

A whiff of tariff inflation showed up in economic data this week, providing the first clues of how tariff policy might impact prices and the economy.

Investopedia is tracking the prices of toasters, tomatoes and toilet paper—our 3T Survey—for a snapshot of how tariffs are working their way through the economy.

Monetary policymakers have held off on lower interest rates for months, citing the risk of tariff-induced inflation. Several now say this week's CPI and PPI reports confirmed their suspicions.

The average effective tariff rate has been around 16%, Morgan Stanley Wealth Management calculates, 5 times higher than the past average of 3%.

Consumer costs for apparel dropped 0.5% year-over-year in June, according to the BLS. But some items registered modest price hikes, including men’s shirts and sweaters, which rose 4.3% from May, women’s dresses increased 3.9%, and women’s swimwear increased 1.6%.

The deadline for the start of Trump's heaviest tariffs has been delayed a few weeks, but a new report has nonetheless shown that inflation is once again on the rise.