The speed and extent to which tariffs built pressure on consumer prices in 2025 remains an ongoing and important debate. This note examines tariff-related retail price changes using a detailed item-level retail spending dataset combined with information on the countries where products are produced. We find that (1) price pressures developed gradually in 2025 rather than showing up as a one-time price spike, (2) tariff effects have been greatest for goods imported from China with 8.5% year-over-year price increase by December 2025, (3) tariff pass-through to consumers between April 2025 and December 2025 has been at ... (full story)