Big update to our US Tariffs Paper: 📦 Pass-through ≈20% (using applied tariff rates, accounting for exemptions) 💸 “Cheapflation”: cheaper goods within categories saw 2× higher inflation 📈 Cumulative CPI impact: +0.7 percentage points More details pricinglab.org/files/Trackin…

As more reciprocal tariffs take effect, it's worth noting that prices for many retail goods have been steadily rising since March. The increases may seem modest, but they are adding up. See pricinglab.org/tariff-tracke… We just updated our paper with an event study showing that—after controlling for sectoral shocks—tariff-exposed goods have seen a cumulative 3% price increase on average. Crucially, this rise has been gradual and persistent, not a one-off or transitory bump.