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The figures show that inflation continues to rise more slowly than many economists expected when President Donald Trump imposed sweeping tariffs in April.

It’s the first time since a government shutdown in 2013 that the jobs report has been delayed.

The central bank’s focus has shifted quickly from inflation to jobs, as hiring has grounded nearly to a halt in recent months and unemployment has ticked higher.

The reading is the last data the Federal Reserve will receive before its key meeting next week, when policymakers are widely expected to cut their short-term rate to about 4.1% from 4.3%.

Prices rose 2.6% in June compared with a year ago, the Commerce Department said July 31, up from an annual pace of 2.4% in May.

Chair Jerome Powell has said the Fed would likely have cut rates already if not for President Donald Trump’s sweeping tariffs.

Inflation rose last month to its highest level in four months as the cost of gas, food and groceries rose, reversing several months of cooling price pressures.

A key inflation gauge moved higher in May in the latest sign that prices remain stubbornly elevated while Americans cut back on their spending.

The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said June 24.

Federal Reserve officials expect inflation to worsen in the coming months but they still foresee two interest rate cuts by the end of this year, the same as they projected in March.