What happened
CNBC reports that New York Fed researchers estimate tariffs added 2.9 percentage points to annual inflation in 67 consumer-goods categories by February 2026. The analysis covers selected non-oil goods and excludes services; it is not an estimate of the entire inflation rate.
This report explains the difference between who pays a customs duty and who bears its economic cost, the researchers’ estimated pass-through into goods prices, and why fading inflation effects can still leave prices higher. The authors’ outlook is conditional on a specified tariff path. The White House maintains that foreign exporters will ultimately bear tariff costs, according to its response to CNBC.
Reporting snapshot: October 8, 2026.
Every statement is attributed to the cited reporting. Visuals marked “file photo” or “illustrative” do not depict the events described unless stated.