A fresh report on Tuesday marked two consecutive months of rising inflation. Consumer prices rose 2.7% in June compared to a year ago, marking a notable surge of price increases as President Donald Trump's tariff policy took hold and some retailers warned they may pass some of the tax burden onto shoppers.

Gary Cohn, IBM vice chairman and former National Economic Council Director under President Trump, joins 'Squawk Box' to discuss the state of the economy, June's CPI data, President Trump's tariff agenda,

Inflation accelerated in June as President Trump’s tariffs started to leave a bigger imprint on the economy, keeping the Federal Reserve on track to hold interest rates steady when policymakers next meet this month.

The Bureau of Labor Statistics reported that the consumer price index (CPI), a popular inflation gauge, increased in June to 2.7% on an annual basis as prices rose for consumers.

A new report out this week is revealing the potential impact of President Trump's tariffs on prices and inflation.

The consumer price index for June show that Trump tariffs began to nudge inflation only modestly higher last month.

Walmart, Mitsubishi, and Nike are raising prices, citing Trump’s tariffs as inflation climbs—highlighting the trade war’s growing impact on U.S. consumers.

June’s inflation report will be looked at not so much for what the headline numbers show than what’s in the underlying data.