It will take a few months to properly judge whether the tariffs implemented so far are passing through into consumer prices, but with bond markets in such a fragile state, April’s inflation print will be an important check for the growing stagflation narrative.

So far, 10 days into the month, PriceStats shows some firmness in price formation. But price pressures still appear relatively tepid compared to prior shocks and the annual inflation rate is stable for now.