Yes, tariffs increased inflation
- Mikel C Wein
- Apr 17
- 1 min read
A recent study published by the Federal reserve found that "tariff changes through November 2025 raised core goods PCE prices cumulatively by 3.1% through February 2026, explaining the entirety of excess inflation in the core goods category relative to pre-pandemic inflation rates." In other words, without tariffs, inflation likely would not have been above pre-pandemic levels in 2025.




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