Recent analysis by researchers at the Minneapolis Federal Reserve says upward pressure on core inflation is coming from two major sources: the delayed consumer impact of tariffs imposed earlier last year and a surge in artificial intelligence-related demand for computer and memory hardware.
The outlets describe the Fed findings as indicating that the inflation effect from AI-driven spending on technology supply chains is comparable to the effect from tariffs. In this view, tariffs take time to filter through prices, and AI investment amplifies costs through higher demand for components used in data centers and computing.
Mint and Forbes both frame the Fed work as explaining why inflation pressures persist even as tariff effects unfold more slowly than initially expected. While the emphasis differs—one outlet highlights tariffs reaching consumers alongside “AI factors equally” driving inflation, and the other stresses AI pricing pressure on a similar scale—the core message across both reports is that both tariff pass-through and AI demand are contributing meaningfully to core inflation.
