U.S. consumer prices rebounded moderately in April, coming in below expectations at 2.3% for the trailing 12 months.
The consumer price index (CPI) increased 0.2% last month after dipping 0.1% in March, with the core CPI inflation rising 2.8% on a year-on-year basis in April.
Driving the decline were decreases in the prices of groceries and gas, with tariffs expected to boost the cost of imported goods in the coming months.
Economists anticipate inflation to rise to a lesser degree, peaking at around 3.4% year-over-year in the fourth quarter this year, due to the easing of trade tensions between the U.S. and China.
The Federal Reserve is expected to maintain its wait-and-see stance on interest rates, with financial markets anticipating policy easing to resume in September
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