US inflation edges up as Trump tariffs flow through economy
US consumer inflation ticked up in May, in line with analyst expectations, government data showed today as President Donald Trump's sweeping tariffs began to ripple through the world's biggest economy.
The US consumer price index (CPI) came in at 2.4% from a year ago, after a 2.3% reading in April, the Department of Labor said, with headline figures pulled down by energy prices.
All eyes were on US inflation data after Trump imposed a blanket 10% levy on imports from almost all trading partners in early April.
He also unveiled higher rates on dozens of economies including India and the European Union, although these have been suspended until early July. Trump also engaged in a tit-for-tat tariff escalation with China.
But analysts said it will take months for the duties to impact inflation, as businesses rushed to stockpile goods before Trump's new tariffs kicked in - and they are now still working their way through existing inventory.
Between April and May, CPI was up 0.1%, cooling from the rate in the prior month.
While housing prices climbed alongside food costs, energy prices edged down over the month, the report added.
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Irish Examiner
an hour ago
- Irish Examiner
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There are others, including changes to the oft-criticised entrepreneur's relief scheme. We know we have a fantastic, knowledgeable, skilled and talented workforce. We are lucky to have it. But at a time like now, when the outlook for growth in FDI is hazy, it's important that we consider how to drive homegrown businesses forward. In this regard, a wholesale government review of policies towards entrepreneurship is warranted. Brendan Murphy is a tax partner at Baker Tilly Ireland
Irish Independent
6 hours ago
- Irish Independent
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Irish Times
7 hours ago
- Irish Times
Tánaiste told Trump trade representative tariffs ‘threaten' US-Ireland relationship
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