Hot inflation has raised the stakes of President Trump’s plans to escalate his use of tariffs on the country’s biggest trading partners, risking even higher consumer prices and pushing back the prospects of the Federal Reserve lowering interest rates soon.

President Donald Trump revealed his most sweeping economic measure yet Thursday, announcing reciprocal tariffs that could come as soon as this spring, which Trump argues would level the playing field in global trade—though economists project they would increase inflation this year.

The consumer price index rose by 0.5% in January, meaning Americans are now paying 3% more on items than they were 12 months ago.