Inflation cooled for the third straight month in April even after some of President Donald Trump’s tariffs took effect, though economists and many business owners expect inflation will climb by this summer.

Stocks closed mostly higher on Tuesday after the release of encouraging inflation data, adding to big gains posted the previous session following a de-escalation in the trade spat between the U.S. and China.

Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

Cooling inflation could shift gold prices — but other factors may have more of an impact right now. Here's why.

President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.

Americans saw some relief on inflation last month, though the trade war will likely push prices of everyday goods higher in the coming months. The consumer price index climbed 2.3% year over year in April,

The Federal Reserve will have little reason to change its wait-and-see stance as a result of April's inflation reading from the consumer-price index. The figures were largely in line with the expectations of forecasters who closely track how the Labor Department measures inflation.