Tariffs aren’t yet showing up in inflation data, but that doesn’t mean they won’t in the coming months, says Richard Clarida, a former Federal Reserve Vice Chair and now an economic adviser at Pimco

But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Consumer prices rose 2.4% over the year, and the month-over-month increase was lower than expected.