More tariff-driven price increases may still be ahead. Despite the Supreme Court’s 2026 decision reshaping the administration’s tariff authority, businesses continue to face elevated tariff-related costs. A May analysis from the Federal Reserve Bank of New York found that 47% of service firms and 44% of manufacturers that directly paid tariffs were still planning additional tariff-related price increases.
Among service firms, roughly 31% expected those increases within six months. The tariff story may not be fully reflected in consumer prices yet, as businesses continue to pass higher costs through to customers.
Source: Federal Reserve Bank of New York Regional Business Survey; May 2026
This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice.
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