Core CPI, which excludes volatile food and energy prices and is seen as a better measure of underlying inflation trends, was up 0.2% from March to April and 2.8% year over year. The monthly figure came in lower than the 0.2% gain expected by economists, while the annual increase matched forecasts.

Inflation rose slightly less than expected in April despite the arrival of President Donald Trump's sweeping international tariffs early in the month, according to a Bureau of Labor Statistics report on Tuesday.