Expectations for widespread price hikes following a wave of new tariffs this year have largely fallen short, surprising economists and fueling claims from tariff defenders that the levies are having no impact on inflation.

Energy and housing costs were the major drivers of inflation, but consumers are starting to feel the impact of tariffs on basic goods.

A changing pricing environment and renewed social inflation worries will be among the focal points for US property and casualty insurers when they release second quarter results.