US prices rise as tariffs impact costs
The jump in prices suggests companies have started to pass down costs to customers, as leaders of companies like Walmart, Nike and Macy’s have said would happen. Picture: Jamie Kelter Davis/Bloomberg
US prices continued to rise in July, according to key economic data released on Tuesday, as Donald Trump’s international tariffs shake-up started to impact consumer costs.
Prices were 2.7% higher last month compared with a year ago, according to the consumer price index (CPI), which measures the prices of a basket of goods and services. Though inflation dipped down in the spring, the annualised inflation rate jumped up 0.4% since April.
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