Japan's core inflation cooled to 3.3% in June, coming down from a 29-month high of 3.7% as rice inflation showed signs of easing. The figure — which strips out costs for fresh food — was in line with the 3.3% expected by economists polled by Reuters. Headline inflation in the country dropped to 3.3%, coming down from 3.5% in May.

Metro Phoenix continues to have the lowest inflation of any major U.S. city. The 0.2% climb in consumer prices here compares to 2.7% for the nation.

A weaker U.S. dollar may fundamentally benefit some areas of the stock market, but “it could also potentially drive higher import costs, pressure consumers and flow through to inflation,” according to a note Thursday from Morgan Stanley Wealth Management.

The report on wholesale inflation came a day after the Labor Department reported that consumer prices last month rose 2.7% from June 2024, the biggest year-over-year gain since February, as Trump’s sweeping tariffs pushed up the cost of everything from groceries to appliances.

Global stock markets have largely shrugged off President Donald Trump’s renewed tariff campaign. In commodities markets, however, tariff threats have sent the price of copper soaring to all-time highs — signaling the potential for higher tariff-induced prices for a metal with critical uses across the US economy.

U.S. import prices rebounded marginally in June amid cheaper energy products, but higher costs for consumer goods were consistent with a tariff-driven increase in inflation.