Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of a range of goods, including furniture, clothing, and large appliances.

The U.S. economy has defied dire predictions so far this year. Many economists see growth slowing – and tariff-driven inflation – but not a recession.

The hottest question in economics is why the massive price hikes tariffs were supposed to bring still haven’t materialized halfway through 2025.