Consumer prices have not increased significantly, but changes may be forthcoming due to entrenched tariffs. The Federal Reserve's Beige Book cites numerous mentions of tariffs and notes that businesses across 12 districts report rising costs tied to tariffs. Manufacturers specifically face surcharges on raw materials. Some businesses have increased prices to offset these costs, while others hold back to remain competitive. Pressure to raise consumer prices is expected to rise in upcoming months due to ongoing cost pressures from tariffs, indicating potential inflation ahead.
"Contacts in a wide range of industries expected cost pressures to remain elevated in the coming months, increasing the likelihood that consumer prices will start to rise more rapidly by late summer."
"It seems that prices have gone up out of fear that prices will go up," a construction materials supplier told the Federal Reserve.
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