U.S. wholesale inflation cooled last month, despite worries that President Donald Trump’s tariffs would push prices higher.

US wholesale inflation was muted in June, despite expectations for an increase amid the rollout of tariffs. The Producer Price Index, which measures the average change in prices paid to producers, was unchanged from May, keeping the annual rate of wholesale-level inflation at 2.3%.

The report on producer prices adds to a mixed picture for inflation as the economy adjusts to the imposition of import tariffs.