CNBC's Rick Santelli reports on the latest economic data to cross the tape.

The Consumer Price Index (CPI) for June increased by 2.7% compared to the previous year, slightly above market expectations and higher than the previous month's 2.4% rise. This marks the highest annual increase since February, though still below the levels seen at the start of the year. 

Core CPI, which excludes food and energy, rose 2.9% year over year, matching forecasts but also registering a slight uptick from the prior reading. Monthly inflation figures were largely in line with expectations, and financial markets responded calmly, with interest rates remaining stable and the yield curve showing only minor changes.

June CPI rises 2.7% annually

We do have that breaking news right now. Let's get straight to Rick Santelli for more on that. Rick, take it away. Yes, this is our June read on CPI, the Consumer Price Inflationary Guide. And it is a little warmer than expected on year over year, but headline looks good, up three-tenths as expected. That does follow up one-tenth. Up three-tenths would be the second warmest of the year. January was the warmest at up half one percent. This is as expected, but two-tenths hotter than the rearview mirror. If we strip out food and energy, comes in a tenth cooler than expectations. Up two-tenths, we were expecting up three, and the rearview mirror was up one-tenth. Up two-tenths equals where we were in April. To find a higher number, you're going once again back to January, the high watermark for the year, up four-tenths. Now, let's go year over year. Year over year headline, this includes food and energy, is up 2.7. That's one-tenth hotter than we were expecting. It's three-tenths hotter than our last look at 2.4. And how does it come? 2.7 would be the highest read since February. February was 2.8. January is 3.0. So, even though it's less than it was at the beginning of the year, it did warm up just a bit. And finally, if we go year over year X food and energy, arguably, in my opinion, one of the most important numbers, it comes in at 2.9, exactly as expected. But it is one-tenth hotter than the rearview mirror, which was 2.8. 2.9, well, it would be the warmest read since February once again. You had January and February 3.3 and 3.1, respectively. So, even though we have made progress from the beginning of the year when numbers were higher, we do see a little bump on the year over year. Maybe the best news is the monthly core number up two-tenths. It certainly seems as though the market was expecting this or worse because interest rates initially moved lower. We're basically unchanged pre-number. Ten-year note now hovering at 4.40 actually is less. We were around 4.41, 4.42 before the number. If you look at what's going on with the yield curve, we see that the short rates are virtually unchanged. Long rates are moving down a little more aggressively. And that would make sense if the inflation data is less than the worst-case scenario, the long end reflecting that. And, of course, we want to pay very close attention to the yield curve at this point because it really has been about, whether it's steepening or flattening, a lot has to do with the short maturities and how they relate to the Fed. Obviously, we're not going to get a July rate cut, at least deemed by market activity and most economists and analysts. So we want to watch the complexion of the curve. I would say that use 50 basis points as your guide on the difference between tens and twos. Becky, back to you.

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Moscow

Ukraine Invasion

Russia rejects Trump's ultimatum for ceasefire in Ukraine

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As Suwayda

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Atlanta

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Washington

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New Delhi

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Jerusalem

Middle East Conflict

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New Jersey

Two killed in New Jersey flash flooding

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Doha

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Syrian forces enter Sweida city following deadly clashes

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New York

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Global Tariffs

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Sicily

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Beijing

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Cape Canaveral

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Kerrville

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Lexington

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Brussels

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Butler

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Ahmedabad

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Tehran

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Council of the City of Sydney

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Breakdown