Inflation was slightly lower than expected in April as President Trump’s tariffs just began hitting the slowing US economy, according to a Labor Department report Tuesday. The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2% for the month, putting the 12-month inflation rate at 2.3%, its lowest since February 2021. The monthly reading was in line with the Dow Jones consensus estimate while the 12-month was a bit below the forecast for 2.4%. Markets reacted little to the news, with stock futures pointing flat to slightly lower and Treasury yields mixed. ″“Good news on inflation, and we need it given inflation shocks from tariffs are on their way,” said Robert Frick, at Navy Federal Credit Union. …Shelter prices again were the main culprit in pushing up the inflation gauge.