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.

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

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Texas A&M Professor Lori Taylor of the Bush School of Government sat down with KBTX to discuss how much the tariffs will cost us. In June, the inflation rate was 2.7% in the latest consumer price index. Taylor said it’s unclear if the recent inflation hike is due to tariffs.

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.

US inflation heated back up in June, rising to its highest level in four months, as price increases — including those from tariffs — packed a bigger punch. Consumer prices rose 0.3% last month,

President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street.