That dark blue line is inflation, as measured in the Personal Consumption Expenditures price index, on a six-month rolling basis. And it is going up. All together now: inflation is rising. Not maybe rising, not rising depending on what you include or exclude. Just Rising .

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.