If You Only Read the Headlines, You’d Think Inflation Was Breaking Loose
“U.S. Inflation Accelerated in June as Trump’s Tariffs Pushed Up Prices,” cried the New York Times . “Inflation heats up in June amid fears of Trump trade war effects,” warned Axios. The Washington Post declared that inflation was rising “as tariffs began to lift prices across the economy.”
The data tells a different story.
The Consumer Price Index (CPI) rose just 0.3 percent in June. Core CPI—which excludes food and energy—was up a mild 0.2 percent, ticking up from May’s 0.1 percent increase. Year-over-year, overall inflation stands at 2.7 percent, and core at 2.9 percent…
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