As financial markets continue to adjust for the ramifications of a global reordering of trade relationships, the first evidence of the impact of tariffs on consumer prices is starting to emerge. Drawing on work that offers an almost real-time monitor of online goods prices, Professor Alberto Cavallo from Harvard Business School and co-founder of PriceStats is back on the podcast to discuss his work in measuring inflation trends past and present. Alberto and his colleagues have already written new, ground-breaking research into the effects that the Liberation Day tariffs are having on retail prices and he offers helpful context in how to understand better the timing and scale of the inflation trends that look most likely to emerge in their wake.