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.

The Federal Reserve’s preferred measure of inflation edged higher in June, the Commerce Department reported on Thursday. Consumer prices ticked up 0.3% for the month and 2.6% year over year, according to the government’s Personal Consumption Expenditures price index.

The Personal Consumption Expenditures, the Federal Reserve's preferred inflation gauge, ticked higher in June.