Trump's tariffs begin pushing inflation higher as CPI sees steepest increase since January
US President Donald Trump's tariffs on multiple countries, including 50% tariffs on India, are already pushing inflation in US higher. According to Labor Department data, consumer prices rose 2.9% in August, up from 2.7% in July, and marked the steeped annual increase since January as core inflation stood at 3.1%. Both numbers are way above US Federal Reserve's 2% target.