A tariff is a tax on imported goods that's paid by the importing firm to its government. However, those costs often get passed down to consumers, resulting in higher prices for the affected products.

The report suggests the tariffs haven’t yet impacted the prices of many items. Clothing costs fell 0.2% from March to April, while new car prices were unchanged. Furniture costs jumped 1.5%, however.

Producer Price Index, a measure of wholesale costs, fell 0.5% in April. Margins are squeezed by tariffs and firms will likely pass costs to consumers

Executives at several companies that sell popular products have recently pointed to signs of wariness among shoppers.

Tariffs are already driving up prices on key goods such as electronics, home appliances, furniture, and auto parts, as import costs are passed down to cons

JPMorgan Chase investors will be keen to learn how the largest U.S. lender and the world's biggest economy are likely to be impacted by U.S. tariffs on its trading partners at the bank's investor day on Monday as economic uncertainty remains.

The reaction highlights the impact of Trump's tariffs on the flow of consumer products around the globe, shaking up long-established patterns.

Grocery prices have specifically been a concern for U.S. shoppers, after egg prices continued to rise in March, brought about in part by a severe bird flu outbreak. Though April saw a dip in the price of eggs, the effects of the formerly record-high prices are likely still being felt, marked by a significant drop in U.S. consumer sentiment.

U.S. retail sales growth slowed as the impact of pre-tariff vehicle purchases waned. Economic uncertainty, driven by President Trump's tariffs, affected consumer spending and corporate financial guidance.