While pundits looked with their magnifying glasses for tariffs in consumer goods prices, it was in services, which are not tariffed, where inflation took off again.

Inflation in June showed scattered signs of rising costs tied to the Trump tariffs, but Americans simply aren’t paying sharply higher prices because of U.S. trade wars. Here are four things we learned from the latest consumer-price index report.

South Africa’s central bank Governor Lesetja Kganyago signaled confidence that inflation would remain within its target for the next two years, despite uncertainties stemming from US tariffs.

UK inflation figures showed a surprise upward change between May and June, CPI rising 3.6 per cent, as the struggle to bring down costs continues. Increasing food and fuel prices last month underline the challenge to do so.

Services inflation, especially rent and shelter inflation, continued to decline, offsetting rising core goods inflation that may be influenced by tariffs, Steve Hou, a quant researcher at Bloomberg, said in a Tuesday post on X.

June CPI inflation fell to 2.1%, driven by a sharp drop in vegetable prices. A good monsoon should help keep food inflation contained in the coming months However, not all food categories show easing. Prices of oils and fats rose over 17%, suggesting uneven trends that may require policy attention

While Tuesday's focus was on the tariff-related inflation hit to Treasuries, it's been a rough week for government bonds everywhere - especially in Japan as long-term yields there hit new highs this week ahead of the July 20 upper house election and related fiscal policy worries.