The cost of many everyday items would have declined last year and early this year without President Donald Trump's tariffs, according to the New York Federal Reserve.
The cost of 67 categories of goods was 2.9 percentage points higher as of February thanks to tariffs, according to a paper from a team of researchers at the central bank's New York arm.
Without the levies, the team found that prices for the products they studied would have pulled back by almost 1%.
The New York Fed's report offers the clearest evidence yet of the impact of Trump's tariffs — a core policy of his most recent campaign and second term in the White House — on consumers' wallets. Economists had widely expected his levies to push up prices, though the precise effects had been hard to estimate due to the changing nature of the policy and the lack of transparency on how companies set their prices.
The researchers didn't say which 67 types of goods they evaluated.