Research Brief: Inflation – April 2025

CPI slows, though trade policy clouds the outlook. Headline CPI declined 0.1 percent month over month in March—the first monthly decrease since 2020—easing the year over year rate to 2.4 percent. Core inflation edged down to 2.8 percent year over year, its lowest level since March 2021, further tapering price pressures. Nevertheless, ongoing trade policy developments may threaten this progress…

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