#TrumpTariffs Despite initial expectations, the immediate inflationary impact has been moderate. In May 2025, the U.S. Consumer Price Index (CPI) rose 0.1% month-over-month, with an annual increase of 2.4%. Core CPI, excluding food and energy, remained steady at 2.8% . However, economists caution that the full effects of the tariffs may take time to materialize, potentially leading to higher consumer prices in the coming months.