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The Consumer Price Index (CPI) rose in July with core goods, including general merchandise items, surpassing the overall CPI number as new market research indicated people across the United States are beginning to feel the impact of tariffs.

July retail spending bounced back after a soft June as consumers sought out summer sales to buy goods before potentially higher tariffs took effect, according to the CNBC/NRF Retail Monitor released by the National Retail Federation.

With new tariffs putting pressure on international trade, import cargo volume at the major container ports in the United States is on pace to end 2025 5.6% lower than 2024 volume, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.