Global tariffs are causing significant upward pressure on costs, particularly impacting U.S. businesses. Despite expectations that foreign suppliers would share the burden, import prices rose sharply, with wholesale prices increasing at the fastest rate in three years. This seems to indicate that inflation pressures may continue, as higher wholesale costs are likely to be passed on to consumers. Notably, vegetable prices surged nearly 40 percent last month, highlighting the impact of tariffs on agricultural goods, particularly from Mexico, amidst ongoing tariff concerns and potential new announcements for various goods.
Wholesale prices rose at the fastest pace in three years last month, indicating higher costs that could be passed on to consumers in the future.
Fresh and dry vegetable prices spiked by nearly 40 percent last month, marking the largest increase attributed to tariffs since inflation surged in 2022.
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