A key measure of inflation posted the biggest increase in June in four months as the delayed effects of higher U.S. tariffs began to work their way through the economy, raising questions about whether the Federal Reserve will cut interest rates soon.

The Federal Reserve’s preferred inflation gauge ticked higher last month in a sign that President Donald Trump’s broad-based tariffs are starting to lift prices for many goods. Prices rose 2.6% in June compared with a year ago,