But in the price-tracking data, the evidence is much more uneven. April’s inflation reports — measuring consumer and producer prices — showed the early imprint of tariffs. Goods most exposed to the levies, like furniture and audio equipment, became more expensive.

Where is all the inflation that was supposed to arise from the Trump tariffs? So far there’s hardly been any whiff of big price increases. Just wait, economists insist. It’s coming.

President Donald Trump's tariffs have yet to show up in any of the traditional data points measuring inflation.