The latest index was released by the Bureau of Labor Statistics. https://www.bls.gov/news.release/cpi.htm From the release: I always track my expenses and May was up 0.3% over April and 2.0% YoY. The latter largely due to my minimal usage of gasoline. If anyone follows the FED, it appears likely that another rate increase is in the offing. Of particular note for seniors and anyone else tied to C.O.L.A.s, the CPI-W is up 3.0% year over year. Of course a lot can change for the fiscal year 4th quarter and that is without good old medicare premiums being factored in.
Yes Tariffs will inevitably cause inflation. There is no avoiding that conclusion. However, the past 30 years has seen inflation waning due to... wait for it... lack of tariffs. Free trade proponents often quote Adam Smith and the notion that free trade was beneficial to all of society. What gets left out is free trade meant no goverment regulations, interference or manipulation in the market place. So in essence we do not have free trade with anyone, unless they adhere to the same rules and regulations and no tariffs exist. There is no country practicing free trade by this definition. The strong dollar is both a blessing and a curse. We can see the benefits of buying foreign products with a strong dollar... even if those foreign products displace American industries and jobs... providing you still have a job. We are now considering tariffs to offset what has taken place in the past and effectively re-shore jobs. Yes it will definitely be inflationary. You simply cannot expect a re-shoring of jobs without the inevitable issues of wage scales, health/safety, benefits, etc., unless those re-shored jobs have the same working conditions and pay as their foreign counterpart. There is a lot more that could say, but a pause is needed.