Prices are rising again. Here's what just got more expensive

Fast Company

a day ago

American's weekly grocery haul and monthly electric bill may get more expensive thanks to last month's rising inflation rates, as Trump's tariffs and a volatile consumer market comes to a head.
The end of June marked an additional .3% rise in the consumer price index (CPI) from May alone, adding to the 2.4% uptick in inflation that has occurred since May 2024.
According to the U.S. Bureau of Labor Statistics data, the rise is reflective of all consumer items, but the areas that saw the biggest rises over the past year were shelter at an increase of 3.8% and utility gas services at 14.2% from the past year.
Food and energy, which includes gas and fuel oil, saw rates rising .3% and .9% respectively over the past month. Whereas over the past year, food saw a 3% increase alone in inflated cost, and energy saw a slight .8% decrease (the sharpest uptick in four months). Energy services, which would reflect electric and utility bills, saw a 7.5% increase over the same period.
Tariff ignited inflation
The rising rates come as Trump's 90-day tariff pause was supposed to end this week, with notable tariffs being placed on major import countries including 25% on Japan and Korea, with Laos and Myanmar being given the highest rate at 40%. Most of which were introduced by Trump's 'tariff letters' and were given an August 1, 2025 deadline.
The ban notably did not pause tariffs placed on America's biggest importer, China. The country has a current minimum 30% rate on most imported goods including technology and clothes, that seems to change by the day per the two countries' ongoing negotiations.
Another slew of high-tariffs were introduced over the past week for other high import countries for the U.S. including a 50% tariff on Brazil, 35% on Canada, and 35% on the European Union. There is currently a 10% base-line tariff on any and all goods entering the U.S. market.
What 'taking back economic sovereignty' may cost consumers
Economists expect rising prices to continue into the summer and the rest of the year, due to the quick and staggered nature of the tariffs. What they call a 'price creep' won't be sudden, but will steadily show in consumer goods and costs during these next few months.
However, what the White House's fact sheet calls a 'commitment to take back America's economic sovereignty by addressing many nonreciprocal trade relationships that threaten our economic and national security,' others worry about basic goods and necessities.
Items that notably saw a rise in CPI over the past month include:
Fruits and vegetables (.9% increase)
Coffee (2.2% increase)
Apparel (.4% increase)
Rent (.2% increase)
Prescription drugs (.4% increase)
Items that notably saw a rise in CPI over the past year include:
Eggs (27.3% increase)
Shelter (3.8% increase)
Electricity (5.8% increase)
Natural gas (14.2% increase)
Household furnishings (3.3% increase)
With the Federal Reserve's target inflation rate being 2%, investors suggest that they won't likely be cutting their 'higher than usual' federal rates (currently around 4.5%), anytime this month.