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

The April consumer price index, a key gauge of U.S. inflation, came in slightly lower than economists expected at 2.3% in April, but was still higher than the Federal Reserve's 2% goal. CBS News MoneyWatch correspondent Kelly O'Grady has more.

The improvement in inflation comes as President Donald Trump secures a couple of important trade deals. Consumer prices rose less than expected in April, with the pace of annual inflation falling to its lowest level since early 2021, the Bureau of Labor Statistics reported on Tuesday.

U.S. consumer prices rebounded moderately in April as declining food costs partially offset rising rents, leading to the smallest annual increase in four years, but the inflation outlook remains unclear against the backdrop of tariffs.

The Consumer Price Index jumped 2.3% in April from the year before, below March’s 2.4% increase, the Bureau of Labor Statistics said Tuesday.

Inflation slowed to the lowest point in four years last month, but progress in reining it in will likely end there as higher tariffs start to push up the cost of consumer goods. The consumer price index climbed 2.

The crypto market stood at $3.4 trillion as the Consumer Price Index (CPI) in April stood at 2.3% over the last 12 months, the Bureau of Labor Statistics reported on May 13. The Federal Reserve has set an inflation target of 2%. As per Kraken's price feed, Bitcoin was trading at $103,587 at press time.

April’s inflation report could show tariffs’ effects, although some analysts say businesses are working through stockpiled inventory and are hesitant to raise prices yet.