The consumer price index rose 3% on the year in January 2025. Economists worry that broad disinflation is over, even as tariffs loom.

President Donald Trump took office with a promise to “immediately bring prices down.” But conquering inflation is tricky, and efforts can take months to trickle through the economy. At this early stage in his presidency,

Consumer prices rose 3%, extending a recent pattern of increases at the start of the year that likely derails the prospect for Federal Reserve rate cuts anytime soon.