Businesses across the US are beginning to pass tariff costs to consumers, Fed’s ‘beige book’ finds

Inflation pressures were rising across the U.S. as 2025 ended, according to the Federal Reserve’s periodic view of the economy known as the “beige book.”

“Cost pressures due to tariffs were a consistent theme across all districts” the report said Wednesday.

Several businesses that initially absorbed tariff-related costs were beginning to pass them on to customers as pretariff inventories became depleted or as price pressures grew more acute, the report noted.

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