Trump official says that inflation data in July does not show any definition on prices

Senior official in Trump administration The economic team describes the latest inflation data as showing that the rise in customs tariffs in consumer prices has not yet been achieved and it seems that it is unlikely to do so in the coming months.

The work statistics office issued on Tuesday Consumer price index (CPI) July data increased, which showed that the main CPI increased by 0.2 % on a monthly basis, increased by 2.7 % from last year, with the annual number of estimate of 2.8 % of the economists covered by LSEG.

Core CPI, which excludes volatile energy and food costs, increased by 0.3 % over a month and 3.1 % than last year – slightly hotter than 3 % expected in the LSEG survey.

Joe Lavingna, Treasury Minister Advisor, Scott Payette, spoke with Fox Business after the issuance of economic data and said that there is no clear introductory impact on inflation indicates that “people need to re -evaluate the economic model that completely missed them.”

“There is no evidence of any really definition effect,” Lavorgna said. “In fact, you can move to one level deeper and look at cars, which is the most sensitive product for tariffs, given that the materials and components are obtained everywhere. What I saw is actually a 1.3 % decrease if you go back when the tariff was announced first.”

The inflation cools a little in July of the previous month

“To President Trump’s credit and the credit of Pesin Secretary, you see that the economy performs the predictable way. However, people still complain and intend now as you will see this inflation coming – I mean, this is like waiting for Godot.”

The main CPI enlargement has risen up in recent months after falling at the beginning of the year. 2025 began by 3 %, decreased to 2.3 % in March, which is the lowest monthly reading since early 2021 and is ashamed of its lowest levels in 2024, but since then it increased to 2.7 %.

Lavengna said that he focuses on inflation movements the shortest time, adding: “I think one of the problems is, if you are looking for numbers on an annual basis, you are taking the previous administration, so I would like to warn people against looking at more directions in the short term, widely, in the data.”

It also pushed up suggestions Inflation caused by customs tariffs He was slow to achieve because of the administration’s approach to it to implement certain aspects of the customs tariff system. Laurengna said that the definition revenues “operate at the end of expectations means that the customs tariff works already … but it does not appear in inflation data because the largest part of the definitions to this point is absorbed by the exporters.”

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Lavorgna also challenged a report on Goldman Sachs Which found that foreign exporters absorbed only 14 % of the cost of definitions so far, while American companies have absorbed 64 % and US consumers 22 %.

He also expected, based on the directions, that the burden of consumers in the United States will increase to 67 % over time, while the burden of foreign exporters will increase over time to 25 %, and the share of American companies decreased to 8 % as the customs tariff deals with profit margins and companies are less willing to resist high prices.

“The customs tariff exists, we know that the customs tariff exists because the customs tariff raises revenues, and if it strikes consumers, we will see this in the data that we are not. If it affects American companies, we will see this in profits, and they are not, in their total,” I mean Stock market Up and many companies said they had no remarkable impact when they mentioned the definitions. “

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A number of Wall Street companies issued inflation expectations that show that the main consumer price index rises to an annual rate of 3 % or higher by the end of this year with the ease of definitions, which may make expectations Federal Reserve Price discounts.

When asked how the administration would consider such a scenario, Laurengna said that recent inflation data indicates that it may not be fulfilled and that it is difficult to respond to what is seen as an unreasonable result.

“I don’t know why we assume that inflation will pick up from here when the people who say it was not true,” Lavingna said.

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He added: “Can the prices jump a lot?