Price growth has cooled, including in key areas like groceries, but analysts say Trump's evolving trade war has made it harder to get a clear read on the economy.

Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

The Federal Reserve will have little reason to change its wait-and-see stance as a result of April's inflation reading from the consumer-price index. The figures were largely in line with the expectations of forecasters who closely track how the Labor Department measures inflation.

The April consumer price index, a key gauge of U.S. inflation, came in slightly lower than economists expected at 2.3% in April, but was still higher than the Federal Reserve's 2% goal. CBS News MoneyWatch correspondent Kelly O'Grady has more.

The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.

German inflation eased further to 2.2% in April, the federal statistics office said on Wednesday, confirming preliminary data.

Inflation eased in April with drops in gas and egg prices, but ODU's Bob McNab warns tariffs could drive prices back up this summer.