So far so good.

As we note here PriceStats shows that US prices did rise in April as tariffs began to be implemented. But the rise was within recent ranges and lower than the same month last year, so the annual inflation rate is unlikely to accelerate.

While there are signs of much stronger inflation in import sensitive sectors, as Albert Cavallo will discuss at our upcoming research events (register here), the overall message is that aggregate inflation remains contained for now.