While early signs of tariff-driven inflation had sparked a controversial debate, U.S. businesses are now sending a clear message—price pressures are mounting fast, and inflation is making a comeback.
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U.S. inflationary concerns reignited after the July Purchasing Managers’ Index for services, released by the Institute for Supply Management, showed input prices climbing at the fastest pace since late 2022, adding weight to growing fears that President Donald Trump‘s tariff policies are starting to bite.
The ISM Services Prices Index jumped to 69.9% in July, up from 67.5% in June and reaching the highest level since November 2022.
This surge in costs is occurring alongside signs of stagnation and contraction in other economic metrics, indicating that the U.S. economy may be transitioning into a phase of stagflation—a period of slowing growth and rising prices.
