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Erica York: Tariffs and rising oil prices driving up core and headline inflation
Goods prices are increasingly affected by tariffs and rising oil costs, according to Erica York, citing analysis from RBC. York highlights that the impact of tariffs is building beneath the surface, and accelerating oil prices are adding to existing tariff-driven price pressures.
Both core and headline inflation are reportedly rising together as a result of these combined factors.
York has recently reported that average U.S. tax refunds remain $350 higher than last year, with total refunds up by $23 billion, according to recent data. U.S. average tax refunds declined $53 this week to $3,623 but are still $352 above last year, based on updated statistics. The increase in refunds may affect consumers’ ability to absorb price pressures from tariffs and oil.
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