The current undershooting of consensus CPI and PPI has been taken to imply that tariffs haven’t but had an impression on costs (e.g., NYT). First, an fascinating image from Truflation:
Supply: Truflation, accessed 6/15/2025.
Because the graph is in % from January 2020, then the rise in slope from April might be taken as acceleration in inflation.
Can one glean extra info from massive knowledge, taking a look at traits in numerous classes (home, imported, imported tariffed). This graph, from Cavallo et al. (2025).
See additionally this interview.
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