Paul Krugman: “Yesterday’s CPI report looked fairly tame on the surface, but if you look at the details it showed clear signs that Trump’s tariffs are starting to drive up prices.”
“And private surveys suggest that there’s a lot more inflation in the pipeline. For example, look at S&P Global’s Purchasing Managers’ Index for manufacturing, which shows the percentage of firms reporting higher prices. A higher number almost always points to higher official inflation ahead, and right now it’s definitely telling us that tariffs are about to hit hard.”
