Do not fall for any inflation hype. Despite PPI rising more than expected, after five consecutive months of softer than expected readings much of the gain was in services, not goods — which are where the tariff concerns have been. As consumer price data showed earlier this week, there has been no adverse effects from tariffs on U.S. households. Since tariff revenues began to surge in April, overall consumer goods prices are up just 0.7% annualized.