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Tariffs pushed up consumer goods prices by 2.9 percentage points: NY Fed

Consumer expectations for inflation rose for the second straight month to the highest level since May, the University of Michigan said Friday.

  • Trump administration tariffs pushed up consumer goods prices by 2.9 percentage points from early 2025 through February this year, Federal Reserve Bank of New York researchers said, noting that prices would have fallen without the import taxes. 
  • After a year, consumer goods prices rise by about 0.25% for every percentage point increase in average tariffs, the researchers said, citing price gains among 67 groups of consumer goods included in calculations of the Consumer Price Index.
  • A year elapsed before consumers felt the full impact from import taxes imposed early last year, the researchers said. “Tariffs pass through to import prices nearly completely in the first month,” they said.

Tariffs pushed up consumer goods prices by 2.9 percentage points: NY Fed | Retail Dive

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