Most companies have been taking it on the chin for now: eating the cost of the tariffs and taking a reduced profit to maintain prices and help foster consumer confidence while they wait and see how all the tariff negotiations actually play out.

With regards to the original question, inflation is measured across all consumer purchasing. So prices on goods (groceries, cars, computing hardware, etc) can increase significantly, but if the price on services (Netflix, restaurants, laundromats, etc) stays relatively flat, inflation ends up looking better than it feels.