Tariffs Did Not Affect U.S. Consumer Prices in April

Jin10 Data reported on May 13 that preliminary data on U.S. consumer prices for April indicate that the new tariffs have not immediately increased costs in highly affected industries. Clothing prices fell by 0.2% month-on-month in April, and new car prices remained unchanged from March. Overall, core goods prices rose by 0.1% last month. Footwear prices fell by 0.5% in April, which is a concerning issue as many shoes are imported from Asia. The prices of alcoholic beverages, which recently account for about 15% of U.S. agricultural imports, remained unchanged from March.