US EditionTrump Tariffs Push U.S. Inflation Above Fed Target Ahead of Rate Decision
Prices for goods like apparel and coffee rose due to tariffs, alongside higher gas and food costs, pushing U.S. inflation to 2.9%, the largest increase since January, economists said.
- Economists forecast that U.S. consumer prices rose 2.9% in August, up from 2.7% in July, signaling higher inflation last month.
- This rise follows import taxes introduced by the Trump administration, while Fed Chair Jerome Powell noted tariffs may cause a one-time price increase, not ongoing inflation.
- Prices increased 0.3% from July to August, with core prices also rising 0.3%, and higher grocery and gas costs contributed to this acceleration.
- Powell also signaled Fed officials are more concerned about jobs and likely to cut interest rates at next week's meeting, though stubborn inflation may delay cuts.
- The expected inflation rise and 4.3% unemployment rate create a complex challenge for the Fed, which faces pressure to balance rate cuts with inflation control.
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