According to the Bureau of Labor Statistics, the headline figure for the Consumer Price Index was at 2.3% year-over-year, down from 2.4% in March and lower than the expected 2.4% growth.

U.S. consumer prices rebounded moderately in April as declining food costs partially offset rising rents, leading to the smallest annual increase in four years, but the inflation outlook remains unclear against the backdrop of tariffs.

Inflation could rise this summer as tariffs are reflected in the data, forecasters say. The US tariff rate is high even after the latest deal with China.