Higher tariffs put in place by the Trump White House this year have started to increase inflation, and these effects are likely to increase in the coming months, New York Fed President John Williams said Wednesday.

Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.

An analysis says President Trump's tariffs would raise prices by almost 2.1% in the short run, costing the typical middle-class household more than $2,800 per year. (Scripps News)

P resident Donald Trump responded to the acceleration of consumer price inflation with a renewal of his demand for the Federal Reserve to cut interest rates immediately.

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

President Trump said it was "highly unlikely" he would fire Jerome Powell, but also said he discussed the idea with Republican lawmakers who expressed support.

The post Inflation Rises, Tariffs to Blame appeared first on Reason.com.

President Donald Trump’s tariffs have already driven up some prices, but they have not yet produced the overall inflation that many economists feared.

US president’s offensive against Jay Powell has prompted swings in the dollar and lifted long-term inflation expectations