No major signs of the inflationary impact of the “Liberation Day” tariffs were evident in the April CPI report, suggesting that the pass-through of tariffs on imports is yet to be seen in the coming months. Meanwhile, declines in discretionary travel-related services prices continued to indicate consumers’ caution about their financial situation, reflected in recent consumer confidence data.
Figure 1. Goods Inflation Edges Higher, while Service Price Growth Slows

Sources: Bureau of Labor Statistics, Haver Analytics, The Conference Board.
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