Consumer prices posted the biggest increase in June in five months and are likely to keep the Federal Reserve from cutting interest rates soon, but there only scattered signs of tariff-related inflation.

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.

Both the S&P 500 (.SPX) and Nasdaq (.IXIC) - and by extension, MSCI's world equities index (.MIWD00000PUS) - retreated from record peaks after traders shaved back bets of U.S. rate cuts this year as prices rose for things such as coffee and couches, while staying steady for tariff-exempted (for now) items such as cars.

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Prices on many models have crept up. But the average marketed price industrywide is flat, at about $49,700, according to Cloud Theory, which tracks car inventory on dealer websites across the country.

“The [Tomato Suspension Agreement] has failed to protect U.S. tomato growers from unfairly priced Mexican imports, as Commerce has been flooded with comments from them urging its termination. This action will allow U.S. tomato growers to compete fairly in the marketplace,” the department said in a news release on April 14.

In part, the impact of the tariffs was mitigated because they don’t stack. Vehicles cross the border multiple times, so if a tariff was applied each time, it would quickly “spiral out of control,” he said. But both the Canadian and U.S. governments agreed that would not be wise and wrote their policies to avoid that situation.

A 17% tariff on most fresh tomato imports from Mexico to the United States was expected to take effect on Monday, July 14.

Over the past 30 years, Florida tomato growers’ share of the U.S. tomato market has shrunk from 80% to 20%, as Mexico-grown tomatoes become more common on shelves, Arizona State University professor Tim Richards said. Richards predicts the price of tomatoes will increase by about 8.5%, half the amount of the 17% tariff.

The year-over-year inflation rate surged to 2.7% in June from 2.4% in May, surpassing the forecast. Tariff effects were mixed in the new report. The Federal Reserve could use the new reading to help decide whether to change interest rates in late July.