There is no single way to predict how businesses will price items weeks or months into the future as, in addition to tariffs, they are influenced by things like consumer demand, sales strategies, and supply chains.

Higher tariffs put in place by the Trump White House this year have started to increase inflation, and these effects are likely to increase in the coming months, New York Fed President John Williams said Wednesday.

The report of robust spending coincides with warnings by several Federal Reserve officials that import duties in coming months will push up prices.

Trade policy uncertainty, rising costs and soft demand weigh on freight and manufacturing, despite modest rebounds in production and shipping activity.

Monetary policymakers have held off on lower interest rates for months, citing the risk of tariff-induced inflation. Several now say this week's CPI and PPI reports confirmed their suspicions.

With the Federal Reserve watching inflation closely, Tuesday's June Consumer Price Index is expected to show some impact from tariffs, with more showing up later in the year. The consensus is for core CPI to rise 3.

Inflation cooled for the third straight month in April even after some of President Donald Trump's tariffs took effect, though economists and many business owners expect inflation will climb by ...

On a monthly basis, prices climbed 0.3% from May to June, after rising just 0.1% the previous month.