Customers shop at a Target store on May 20, 2024, in Miami, Florida. Target announced plans to cut prices on thousands of consumer basics as inflation cuts into household budgets. Joe Raedle/Getty Images New York —

Tariffs are fueling a significant chunk of price hikes across the economy, according to a survey of executives released Wednesday.

Chief financial officers estimate tariffs are to blame for about one-third of their companies’ price growth this year, according to The CFO Survey issued by Duke University and the Federal Reserve Banks of Richmond and Atlanta.

So, inflation could have been about a third lower this year without President Donald Trump’s historically high tariffs.

That’s nothing to sneeze at. If the latest inflation reading of 2.9% were a third lower, it

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