Goldman Sachs expects tariffs to push up goods prices and overall inflation in the coming months, with core inflation likely to rise even as pressures in labour, housing, and autos moderate.

  • In Wednesday’s May CPI report, the bank forecasts a modest tariff-related impact, nudging core inflation up 0.05 percentage points to 0.25% month-on-month.
  • Looking ahead, core inflation could climb to 3.5% by year-end, up from 2.8% in April.
  • Most of the near-term inflation is expected to come from goods rather than services, with hotel and airfare prices projected to remain flat.

Earlier previews here:

Data due at 0830 US Eastern time:

us may 2025 cpi preview table 11 June 2025 2
Source: Forex Live