The Slow Climb: How Tariffs Gradually Raised Retail Prices in 2025
Abstract
The speed and extent to which tariffs built pressure on consumer prices in 2025 remains an ongoing and important debate. This note examines tariff-related retail price changes using a detailed item-level retail spending dataset combined with information on the countries where products are produced.
Fields of Study & Subjects
Consumer Market Behavior and Pricing
Consumer Retail Behavior Studies
Urban and Freight Transport Logistics
Publication details
- Journal / source
- FEDS Notes
- Publisher
- Board of Governors of the Federal Reserve System
- Issue
- 2026-03-05
- Publication date
- 5 March 2026