Critics of President Trump's tariff policies have been waiting for the import taxes to raise the inflation rate. That effect may be beginning.

Chicago Fed President Austan Goolsbee joins WSJ’s Take On the Week to discuss the economy, inflation, tariffs and AI. Goolsbee shares the Federal Reserve's approach to monetary policy and a "golden path" where stable full employment and decreasing inflation would allow for interest rate cuts.

Current tariff collections equate to 0.1% monthly inflation, aligning with recent CPI data. See why I’m skeptical that tariffs will lead to widespread inflation.

Egg prices cooled significantly in June, deviating from an overall rise in prices. The price of eggs climbed 27% over the year ending in June, which marked a slowdown from 41% year-over-year growth in May. Under Trump, inflation has defied doomsday predictions and helped to propel sturdy economic performance.

Rising rents were the main driver of inflation in June. But the price of clothing, appliances and toys also jumped — which likely reflects the effects of import taxes. Clothing prices rose 0.4% while the price of appliances and toys jumped nearly 2%.

A number of factors, including a lack of significant gains in auto prices, are masking the extent of the shift.

The prices for food at home rose 0.3 in June, while food away from home, meaning restaurants, ticked up 0.4% on a monthly basis. Notably, the Trump administration has recently imposed a 17% tariff on Mexican tomatoes. The energy index edged up 0.9% in June, as gasoline prices jumped 1% over the month but shed 7.9% for the year.

A new report found inflation on the rise in June, another indicator of the affect Donald Trump's tariffs are having on the US economy.