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Story summary
- Companies are raising prices in sectors like apparel, spices, and construction due to increased tariffs, labor costs, and health insurance expenses.
- The Wall Street Journal reports significant price hikes in durable goods, with businesses such as Levi Strauss and McCormick increasing prices by high single-digit percentages.
- Small businesses face thinner margins, prompting additional price increases.
- Economists predict inflation will re-accelerate this year due to tariff-related costs.
- Federal Reserve Chair Jerome Powell stated that the impact of tariffs on prices is expected to peak before declining later in 2023.
