Inflation eased after Trump's 'Liberation Day' tariffs, defying fears

Consumer prices rose 2.3% in April compared to a year ago, cooling slightly from the previous month and defying fears of an inflation surge in the aftermath of President Donald Trump's "Liberation Day" tariffs last month. The reading -- which marked the lowest inflation rate since 2021 -- matched economists' expectations.

Egg prices fell 10% in April compared to the previous month, offering some relief for shoppers, data showed. Still, egg prices stand much higher than they did a year ago.

By contrast, gasoline prices dropped 12% over the past year. The nationwide average price of a gallon of gas is $3.15, AAA data shows.