But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Consumer prices rose 2.4% over the year, and the month-over-month increase was lower than expected.

CPI report shows that President Trump's whipsaw tariff policies have not had an outsized impact on inflation, but economists remain on guard.