Based on the latest Consumer Price Index data, prices showed signs of creeping higher in June. However, there were enough dovish points in the data to support those pushing for looser monetary policy.

A new reading on wholesale prices suggests inflation, as measured using the Federal Reserve’s preferred gauge, was considerably milder last month than indicated by the consumer-price index.

The Big Mac index reveals inflation is underestimated; Big Mac prices have risen 163% since 2000, while official inflation is only 85%. Technological advancements and hedonic adjustments skew ...