This is CBS Eye on the World. Here's John Batchelor.

The Ides of July at the market. I welcome Elizabeth Peake. She's a columnist for the Hill, as well as for Fox News, much on Fox Business. The large number

at 8.30 in the morning of the odds of July was the inflation number for the month of June.

The expectation was that it would be up from previous months and that this was a first rush

of what the tariffs can do to the American economy.

Liz, a very good evening to you. At first, I thought, 2.7. Isn't that what they predicted?

But then there was a lot of anxiety attached to meeting expectations. What does that number

represent June 2.7% inflation? Good evening to you. Good evening, John. Well, it's a little bit of a tick up from May, which was 2.4%. But you are correct. The Wall Street Journal, at any rate, tags it as exactly in line with expectations. And moreover, the core was 2.9%, which is excluding

energy and food, and that also was in line with expectations. Month to month prices in June were

up 0.3%. And that was an increase, the biggest increase since January, but

core, again, was only 0.23%. What's happening with core, generally speaking, this year, is that

lower and declining energy prices have offset other costs. And that i'm sorry not with core but the headline number

and that has been a real major win this number today's inflation rate was very closely watched to

see if tariffs put in place over the last several months had much impact on inflation.

This is an ongoing debate, as you well know, and it is totally central to what Jay Powell is doing

at the Federal Reserve. So in the first instance, did tariffs show up in this month in terms of the interest rate? Some people are saying yes, but on the other hand,

the biggest increase in prices was natural gas service, which was up over 10%, and that is not

something that has anything to do with imports. Some other products like apparel were up.

You could argue that that's a tariff-related increase, but then autos were down.

So I'd say generally, so far as I have seen, there really isn't a case to be made

that this increase in inflation, modest increase in inflation,

really speaks very much to tariffs. So it will be another month of people saying, well,

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