Are Higher Tariffs Leading to Higher Inflation?

Zach Edwards and Felipe Schwartzman share what they have learned about how much businesses have been passing along higher prices for their inputs — especially due to higher tariffs in 2025 — to the prices they charge their customers. They also discuss how this cost pass-through could affect overall inflation. Edwards is a research analyst and Schwartzman is a senior economist, both at the Federal Reserve Bank of Richmond.

Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_08_20_tariffs_inflation