According to IMF data shared in that briefing, 55% of consumers reported in July that tariffs were their main concern. This sentiment rose from 54% in March and 49% in January... How do these concerns translate into consumer prices, especially since the food-at-home consumer price index (CPI-index of inflation) has continued to remain fairly constant ...80% of food in the US is produced domestically, some categories are particularly dependent on imports ... Dr. Ricky Volpe, associate professor of agribusiness at California Polytechnic State University in San Luis Obispo, California, provided additional context during the briefing, using the example of a sultana and cinnamon bagel made with ingredients that are primarily imported. "If 50 per cent of a bagel is subject to an average tariff of 18 per cent, the total expected increase in the cost of producing a bagel will be between 9 per cent and 10 per cent of the cost of production, which is not insignificant. These food companies are really operating on low margins, so this is a cost increase that is likely to be passed on through the chain "... The impact of tariffs on non-food will be much more important (with China being the No 1 producer and importer), with a much longer lead time than food though, because consumption is slower and there are certainly stocks.