US Consumers See More of a Markup From Trump’s Tariffs

More data from the government shows inflation reigniting because of the US trade war. Wholesale inflation accelerated in July by the most in three years, suggesting companies are passing along higher import costs related to tariffs. Simultaneously, applications for US unemployment benefits edged lower last week, suggesting employers may be reluctant to fire workers.

The producer price index increased 0.9% from a month earlier, the largest advance since pandemic consumer inflation peaked in June 2022, according to a report from the Bureau of Labor Statistics (which may soon be taken over by a Donald Trump loyalist).