While the impact so far this year has been muted, tariffs are expected to catch up with prices consumers pay just in time for the holiday shopping season.

President Donald Trump's tariffs on a plethora of items and individual countries, which started in April, have coincided with common inflation measures trudging along between 2.5% and 3% this year.

While economists don't see a major spike coming in common measures such as the consumer price and the personal consumption price indexes, they expect the tariffs will keep those gauges elevated at a time when they otherwise would be moving lower.

"There have been some questions in recent months as to whether tariffs have led to higher inflation for consumers," Bank of America economist Aditya Bhave said in a note. "We think there's no d

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