Grocery stores and gas pumps are important inflation indicators. While inflationary concerns have been persistent in recent years, the back and forth regarding tariffs on Canada and Mexico, as well as the tariffs on Chinese goods, have prompted additional concerns about prices.
Results from the Gardner Food and Agricultural Policy Survey find most consumers across both political parties expect tariffs to increase the prices they pay for food. This was highest for Democratic voters as 85.4 percent expected prices to increase, while 74.6 percent of Republican participants and 74 percent of Independent/Other participants also expected prices to rise. Results show that consumers are bracing for the impact.
Just over 77 percent of participants responded that they are either somewhat or very worried about tariffs, and those who are worried about tariffs’ impacts on food prices are also pessimistic about short-term inflation, expecting inflation to get worse over the next few months.
