Prices climbed at an unexpectedly slow pace last month, offering a boost to President Donald Trump, whose aggressive trade policies have sparked fears of a resurgence in inflation.

The Labor Department on Tuesday reported that prices rose at an annual rate of 2.3 percent, the smallest increase since early 2021. While price growth in so-called core sectors of the economy — which exclude volatile food and energy costs — remained elevated at 2.8 percent, April’s Consumer Price Index contained only scant evidence that Trump’s tariffs have meaningfully driven up the cost of living.

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