But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Former Treasury Secretary Janet Yellen predicts President Donald Trump’s tariffs will cause prices to rise and average household income to fall, despite a slowing trend in the U.S. inflation rate.“I would expect inflation,

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.