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Americans are ‘doom buying' coffee, olive oil and soap. What's the one thing I should stockpile to avoid tariff price hikes?

Quentin Fottrell 7 min read People are running scared — and heading to the grocery store and car lot. President Donald Trump's tariffs, assuming they go ahead in their current form, will add to the cost of consumer goods. While inflation hurts your ability to spend, a prolonged recession could, in theory, lead to a spike in job losses. Fed officials last Thursday signaled that they were more concerned about the former, likely due to the impact of Trump's tariffs on the cost of everyday items. 'I intend to keep my eye squarely focused on the outlook for inflation,' Kansas City Fed President Jeffrey Schmid, a voting member of the Fed's interest-rate committee this year, said in a speech to a finance committee. Most Read from MarketWatch These 15 tech stocks could rocket up to 85% in a year — and analysts love them 'Are we out of our minds?' My husband and I are in our 70s. Should we use $600K of our savings to buy our dream home? I'm administrator of my sister's estate. Her bank won't tell me the names of her beneficiaries. Is that legal? Wall Street's 12 favorite stocks could soar as much as 54% over the next year, analysts say 'It's just not done': Why Trump firing Powell could rock U.S. financial markets Consumers are bulk-buying certain items. During the two days after Trump's 'liberation day' announcement on tariffs on April 2, sales volume increased in key nonperishables: canned and jarred vegetables rose 29%, instant coffee rose 21% and ketchup was up 18% versus the prior week, according to Consumer Edge, a data-insights company, which collected data through Basketview, a consumer-purchase dataset. 'Volume also increased notably compared to the average of all Thursdays and Fridays in 2025,' the report said. 'At the same time, items per transaction at Walmart WMT and Target TGT moved higher after weeks of stability.' Does one must-have item even exist? Buying now does make sense for people who need to trade in their old jalopy. Americans, those who can afford it, are buying more cars in order to lock in at a more affordable price. New-car sales rose by 9% year over year to 1.59 million units in March, as people rushed to upgrade their vehicles before the new tariffs took effect. The average price of a used car in the U.S. hovers at around $25,000, and the average price of a new car is nearly double that. Estimates on the increase in the price of new cars due to tariffs range from $3,500 to $15,000 per car, depending on the model. 'Automakers are absorbing the costs to keep prices competitive — but that won't last forever,' says which gives advice on car purchases. 'As supply chains adjust, expect higher manufacturers' suggested retail price and fewer discounts on imported vehicles later in 2025. That means spring and early summer could be your last chance to buy before price hikes hit. As of April, about two-thirds of dealer inventory is still made up of leftover 2024 models, which means dealers are getting desperate to move them before summer.' Story Continues View Comments Terms and Privacy Policy Your Privacy Choices