The June consumer price index will be the latest glimpse into whether tariffs are having an effect on consumer prices.

The Consumer Price Index reveals prices grew faster in June than in May. The annual inflation rate ticked up to 2.7%, the highest level since February. With new tariffs set for August, economists warn prices could go up more.

Economists’ anxiety about official U.S. inflation data is growing. One major issue: They don’t have the numbers they need to understand the scope of the problem.

A busy week ahead for investors will see inflation data, the debate about the Fed's next move, and the start of second quarter earnings season all come into focus after a flurry of trade activity last week.

Consumer Price Index report shows that inflation rose during the month. The headline data showed an increase of 0.3% from the prior month, in line with expectations. Year over year, inflation rose 2.7%,

“We were expecting 2/10ths of 1%," Creighton University economics professor Ernie Goss said. "It was 3/10ths of 1% so that's only 1/10 of a percent more, but multiply that times 12, and you're talking about a little bit more money there.”

Economists say the impact will more likely be seen by June or July. The 10% tariff on all goods that took effect April 5 could take two to three months to feed into the inflation data.

Stocks (^GSPC, ^IXIC, ^DJI) have rallied, but traders are bracing for Tuesday's Consumer Price Index (CPI) report to see if tariffs are starting to show up in inflation data. Yahoo Finance Markets Reporter Josh Schafer joins Morning Brief to outline what to watch in the June CPI print and how it could shape expectations for future Federal Reserve interest rate cuts.