They’re part of the consumer price index, a measure of inflation which in turn impacts the fed interest rate. A high rate means a high cost of borrowing which is bad for business (especially small business / start ups).

For most people it just contributes to the cost of living crisis but it has greater implications on the economy as a whole.

Trump has promised a reduction in interest rates this year while nearly all of his policies are designed to worsen inflation in the short term.