The CPI report will likely bolster the administration’s claims that grim forecasts for the economy have been overblown. Most polls have Trump’s approval rating underwater as voters sour on his economic policies.

The report will also amplify Trump’s calls for Federal Reserve Chair Jerome Powell to lower interest rates. Powell and other Fed policymakers have warned that the rapid escalation of import costs may soon cause consumer prices to spike and that the central bank needs to keep inflation at bay.

And many economists still expect inflation to rebound in the coming months. Analysts at Citi say they expect the personal consumption expenditures index — the Fed’s preferred inflation gauge — to climb by 3 percent by the end of the year. While that is less than their previous forecast for 3.5 percent inflation, it’s still well above the Fed’s annual target of 2 percent.

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