The report suggests the tariffs haven't yet impacted the prices of many items. Clothing costs fell 0.2% from March to April, while new car prices were unchanged. Furniture costs jumped 1.5%, however.

As per the data, food articles saw a deflation of 0.86 per cent in April, against an inflation of 1.57 per cent in March.

Tuesday's report could provide an early read on how Trump's duties will affect the prices Americans pay for necessities and other goods such as clothing, shoes, furniture and even groceries.

Inflation is getting closer to the Federal Reserve's 2% target.

Stocks are edging higher on Wall Street and adding to gains they made earlier in the week after the U.S. and China declared a temporary cease-fire in their trade war.

In a significant development on the economic front, India's wholesale inflation (WPI) dropped sharply to 0.85% in April 2025, compared to 2.45% in March, according to data released by the Ministry of Commerce and Industry on Wednesday.