Price changes are beginning to appear across Amazon’s marketplace.

Shoppers are “starting to see more of that impact” as tariff-related costs begin to show up in prices, Amazon (NASDAQ:AMZN) CEO Andy Jassy told CNBC last month at the World Economic Forum in Davos, Switzerland.

“This year, people are thinking about lots of things, but top of mind for many of us, including one of the world’s largest retailers, is pricing pressure on consumers amid the Trump administration’s tariff agenda,” he said.

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Jassy told CNBC that Amazon and many third-party sellers moved early last year to limit the effects of tariffs by buying inventory ahead of time. That strategy helped keep prices lower for a period as sellers tried to manage uncertainty around where tariffs would settle.

“A lot of our third-party sellers did a lot of forward staging in our fulfillment network for the same reasons,” he said. As those supplies run out, tariff costs are beginning to appear in prices.

“So you start to see some of the tariffs creep into the prices, some of the items,” Jassy said. Sellers are responding in different ways, including passing higher costs on to consumers through higher prices or absorbing those costs to drive demand. He added that Amazon carries hundreds of millions of items from about 2 million sellers.

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Jassy said Amazon is working with distribution and selling partners to keep prices as low as possible, especially during periods of economic uncertainty and changes in trade.

“That is our focus,” he told CNBC. “It has always been our focus.”

Retail economics leave limited room to absorb rising costs, Jassy said. “At a certain point, because retail is, as you know, a mid-single digit operating margin business, if people’s costs go up by 10%, there aren’t a lot of places to absorb it,” he said. “You don’t have endless options.”

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He said consumers have remained resilient and continue to spend, but many are adjusting how they shop.