Fitch Ratings Analyst: There are indications that tariffs are gradually being passed on to consumer prices.

Brian Coulton, Chief Economist at Fitch Ratings, said that there are signs that tariffs are gradually being passed on to consumer prices: "This transmission is slow - in fact, very slow - but it is indeed happening. Core commodity prices in the United States rose by 0.3% in August, higher than the 0.2% increase seen in June and July; on a year-on-year basis, prices rose by 1.5%, the fastest pace since May 2023. Car prices rose again, with some measures showing a significant increase. However, overall core inflation remained at 3.1% year-on-year and 0.3% month-on-month, due to a slight drop in service prices. This will reassure the Federal Reserve that cutting interest rates in September will not pose excessive risks to its price stability mandate."