US inflation rose less than expected in April, as analysts warn of future price hikes

US inflation was slightly lower than expected in April, even as President Donald Trump’s “Liberation Day” tariffs and other duties came into effect — although some analysts warn that the tariffs are yet to be reflected in the data.

The consumer price index rose by 0.2% for the month, with the 12-month inflation rate up 2.3%, according to new figures from the Bureau of Labor Statistics.

Morgan Stanley’s top US economist told The Wall Street Journal that historically, tariff hikes show a lag time before they change prices: “What’s sitting on store shelves today is based on agreements that were made two to three months ago.” And other data suggests many businesses have also moved to import goods ahead of the tariffs to avoid higher costs, The New York Times noted.