Prices for tomatoes are up 40% over the past year, the biggest increase tracked among products in the Consumer Price Index. Experts say the spike is the result of crop yields and two pillars of President Donald Trump's second term policies. The Iran war has spiked shipping costs. And Trump has slapped tariffs on tomatoes from Mexico, which grows most of America's supply. Outraged consumers are voicing their displeasure online, but the impact is most acute among businesses that rely on tomatoes as a key ingredient. Wayne Humphrey of Snarf’s Sandwiches, which which operates dozens of stores in Colorado, Missouri and Texas, says the price hike will cost him $1.7 million this year.

A key inflation gauge accelerated in April to the highest level in three years, the latest sign that spiking gas prices and higher food costs are squeezing Americans’ finances. Inflation jumped to 3.8% in April compared with a year ago, the Commerce Department said Thursday, up from 3.5% in March and the highest since May 2023. On a monthly basis, prices rose 0.4%, down from the 0.7% rise in March. The report showed that prices have risen for many items in addition to gas, a sign inflation could persist and pose problems for congressional Republicans in this year’s midterm elections.

The U.S. stock market rose to records as it caught up with climbs for others around the world from the day before, when President Donald Trump said negotiations were “proceeding nicely” with Iran on ending their war. The S&P 500 climbed 0.6% Tuesday after trading resumed following Monday’s holiday and set an all-time high. The Nasdaq composite rallied 1.2% to set its own record, while the Dow Jones Industrial Average dipped 0.2% from its all-time high. Micron Technology led the way, and its stock has more than tripled so far this year. Treasury yields eased in the bond market.

President Donald Trump has overseen the White House swearing-in of the new Federal Reserve chair. Trump said Friday that he'd like Kevin Warsh’s help in stimulating the economy even as the president tried to emphasize that the nation’s central bank would remain independent. Trump has spent months criticizing Warsh’s predecessor, Jerome Powell, for being reluctant to cut interests rates. Warsh noted the Fed’s mandate “is to promote price stability and maximum employment" and he pledged that the central bank would pursue those aims with “independence and resolve.” It was unusual that the ceremony didn't take place at the Fed's headquarters.

Walmart delivered another strong quarter of sales as the discounter’s speedy deliveries and low prices served as a magnet for shoppers across the income spectrum. But the Bentonville, Arkansas-based discounter offered outlook amid so much economic uncertainty. Walmart has resonated with many Americans who are carefully considering where they spend money because of inflation and how the company performs is considered a barometer of consumer spending given its vast customer base. More than 150 million customers are on its website or in its stores every week, according to Walmart.

The Trump administration is loosening a federal rule that requires grocery stores and air-conditioning companies to reduce greenhouse gases used in cooling equipment. Officials say the change reflects a push to lower grocery costs. President Donald Trump is scheduled to announce the changes at a White House event Thursday. The head of the Environmental Protection Agency says the Biden-era refrigerant rule imposes costly restrictions that limit the type of refrigerants that businesses and families can use. The Republican administration is trying to address affordability issues, but it's not clear how much or how quickly the loosening of the refrigerant rule might ease grocery prices.