Research Brief: Inflation – June 2025

Tariff pass-through absent for now, but services remain sticky. May’s CPI report reflected a modest increase in prices. Headline inflation rose 0.1 percent month over month, bringing the annual rate to 2.4 percent. The data suggests price pressures from tariffs have yet to pass through to consumers; Core Goods CPI stayed flat in May and the year-over-year rate held at just 0.3 percent. Apparel and vehicle prices continued to…

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