The Consumer Brands Association also warned 20,000 U.S. food manufacturing jobs could be endangered if more costly products cause a drop in sales.

President Donald Trump has announced a 50% tariff on imported steel and aluminum, raising concerns about rising costs on a wide range of consumer goods, especially groceries.

U.S. consumer prices likely increased moderately in May amid relatively cheaper gasoline, but the Trump administration's import tariffs probably started filtering through to other goods, potentially raising underlying inflation pressures.

President Donald Trump’s doubling of tariffs on foreign steel and aluminum could hit Americans in an unexpected place: grocery aisles.

Prices are climbing at big-name retailers — and it’s not just inflation this time. These companies have stated that tariffs imposed by the Trump administration have compelled them to increase prices.

Inflation ticked slightly higher in May, rising 2.4%, in line with expectations, according to the U.S. Consumer Price Index released Wednesday. Prices rose 0.1 percent for the month, according to the Bureau of Labor Statistics. The month-over-month increase is less than expected.

U.S. inflation likely picked up a bit last month as President Donald Trump’s tariffs start to bite, but lower prices for gas and possibly for air fares and used cars may limit the overall increase

Economists and investors for possible effects of tariffs on prices when the Bureau of Labor Statistics release May’s consumer price index on Wednesday.

A key government statistic shows rising costs for groceries and imported goods were muted by drops in categories like new cars and gas.

Consumer prices came in slightly lower in May, but below expectations as lower energy prices helped, the Labor Department reported on Wednesday. For the month, prices rose by 0.1%, below the 0.2% forecast,