Rising Costs From Tariffed Goods Push Retail Prices Higher In August

August inflation and new tariffs are driving up costs in categories like autoparts, furniture, and home improvement, and pressuring retailers, according to Benzinga. JP Morgan’s Christopher Horvers said August inflation, tariffs, and shifting consumer dynamics are driving real-time pricing changes in retail sectors. Headline consumer prices rose 2.9% year-over-year, while core inflation hit 3.1%, both slightly above July. Horvers noted firming prices in most hardlines, with autoparts up 2.1%, furniture and bedding climbing 4.7%, and home improvement nearing 4% growth. Grocery inflation rose to 2.7% annually in August, with pet food prices also edging higher. Rising costs and tariffs continue to influence consumer behavior and retailers’ pricing power, impacting companies including Walmart and Best Buy.