It will likely take several more months of building price pressures to ease policy makers’ concerns about weak inflation, and Tuesday’s data are unlikely to persuade them against lowering interest rates at their meeting this week.

A less volatile measure of inflation that excludes food and energy prices was up 0.25% from May. Economists had expected a 0.2% rise in the so-called core PCE price index, according to a Wall Street Journal survey.

Both gauges of inflation remain below the Fed’s target of 2% on an annual basis. The broad PCE price index was up 1.4% in June from a year earlier, while the core index was up 1.6%. […]