Inflation shot up in June as the impacts of Donald Trump’s tariffs slowly started to show in US prices. Business leaders have said for months that the high, volatile rates of Trump’s tariffs will force companies to raise consumer prices. Prices remained stable in the spring, particularly as many of Trump’s highest tariffs were paused; however, they started increasing in May and have continued to rise in June. According to the Yale Budget Lab, Americans now face an average tariff rate of 18.7% – the highest rate since 1933. Prices will probably be pushed up much higher should these tariff rates go into effect, but it is unclear if and when that could happen.