Consumer prices rose again in April after a rare decline in the prior month, leaving inflation above the Federal Reserve’s 2% target as households and businesses grappled with the fallout from the Trump trade wars.

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.

U.S. consumer price inflation eased again last month, suggesting little impact from President Donald Trump's tariff regime heading into the second quarter. The Commerce Department pegged its headline Consumer Price Index for April at an annual rate of 2.