CEA chair Stephen Miran: There's continues to be no evidence of tariff-induced inflation

Inflation Trends & Analysis - CPI inflation has been running at a 19% annualized rate since the president took office [1] - There is no evidence of tariff-induced inflation at the aggregate level [1][3] - Relative price changes are expected, but no overall inflation impact from tariffs is observed [2][3] - Core inflation numbers were slightly higher, with used cars and airfares being strong categories [4][5] Factors Influencing Inflation - Illegal immigration is estimated to have boosted rents by about 4% to 5%, contributing to overall inflation [6] - Strong border policies are expected to lead to service disinflation as net migration decreases [8] - Deregulation, capital stock expansion, and energy abundance are part of a government approach to disinflation [8] Used Car Market - There was no material increase in new car inflation, suggesting used car price increases are not directly linked to tariffs [9][10] - The premise that new car price increases would automatically inflate used car values is false in this instance [10]