Price Inflation Rose in June to a Five Month High—But Don’t Blame Tariffs

Price inflation is moving up again, in spite of President Trump’s repeated (and false) claims that prices are falling. The media isn’t right either, though, since much of the media consensus about June’s stubbornly high price inflation trend is that it was caused by tariffs. Tariffs however, are not inflationary. The price inflation we now see is the continued legacy of the monetary inflation of Trump-Biden efforts to embrace huge deficits and pressure the Federal Reserve to push interest rates ...