U.S. inflation remained surprisingly muted through May, with limited impact from President Donald Trump’s tariffs. But U.S. airstrikes on Iran’s nuclear facilities over the weekend could contribute to pressures that may send price gains back to the highest levels in two years.

Although the operation achieved an impressive level of tactical success, with a swarm of warplanes penetrating Iran unchallenged following a long, undetected flight from Missouri, it will be far harder than the president has suggested to reliably evaluate the damage inflicted on Iran’s ability to manufacture a nuclear weapon.