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US Inflation Data Shows Tariffs Are Not a Tax on Consumers but on Foreign & US Corporations
The consumer price inflation data released today by the Bureau of Labor Statistics, which corroborates prior inflation data, says that, yes, prices are rising, but they’re rising sharply in services that are not impacted by imports and tariffs, such as rents and other housing costs, healthcare, education, and other services, and also in restaurants (where customers pay mostly for labor and rent). But inflation in durable goods, such as electronics, cars, and the like – where the tariffs would show up – was very low. Inflation as measure by the Consumer Price Index (CPI) rose 0.3% in July from June and 1.8% over ... (full story)