The PPI (producer price index) does not include imports, but that's what we've been screaming for months.
If you raise the price of imported goods via tariffs, the domestic suppliers will raise prices along with them and this has been documented over and over again.
Wow the PPI for July - price of goods from manufacturers - comes in WAY above expectations.
Monthly 0.9% (exp 0.2%)
Yearly 3.3% (exp 2.5%)
When we said tariffs would take a while to start hitting prices and inflation numbers overall, this is what we meant.