WASHINGTON -- A key U.S. inflation gauge slowed last month as President Donald Trump's tariffs have yet to noticeably push up prices. Spending by Americans slowed despite rising incomes, potentially an early reaction to higher prices on some imported goods.
Friday's report from the Commerce Department showed that consumer prices rose 2.1% in April compared with a year earlier, down from 2.3% in March and the lowest since September.
Excluding the volatile food and energy categories, core prices rose 2.5% from a year earlier, below the March figure of 2.7%, and the lowest in more than four years. Economists track core prices because they typically provide a better read on where inflation is headed.
The figures show inflation is still declining from its post-pandemic spike, which reached the highest level in four decades in July 2022.
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Economists and some business executives warn that prices will likely head higher as Trump's widespread tariffs take effect, though the timing and impact of those duties are in doubt after they were struck down late Wednesday in court.
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