Current tariff collections equate to 0.1% monthly inflation, aligning with recent CPI data. See why I’m skeptical that tariffs will lead to widespread inflation.

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

Recent data from the Labor Department has shown that the price of foreign exports to the U.S. — before tariffs — has held steady over the last few months. That means U.S. importers are absorbing most of the tariff burden.

A changing pricing environment and renewed social inflation worries will be among the focal points for US property and casualty insurers when they release second quarter results.

Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.

Indonesia also has agreed to purchase billions in U.S. energy, agriculture products and airplanes, Trump said July 15 in a social media post.

Up until June, inflation had been on the decline. But the president's tariffs are having the effect that economists said they would.

The Indian rupee is set to open weaker on Wednesday after June U.S. inflation data hinted at tariff-driven price pressures, prompting markets to scale back bets of Federal Reserve rate cuts and pushing the dollar and U.