A closely watched inflation gauge cooled last month in a sign that prices were steadily easing before most of President Donald Trump’s tariffs were implemented.

U.S. consumer spending increased solidly in March as households boosted purchases of motor vehicles to avoid higher prices and shortages due to tariffs, but that did little to change economists' views that the economy had shifted into lower gear.

Inflation cooled a bit last month, but don't expect interest rates to drop, too. Prices rose by 2.3% year over year in March, according to the latest Personal Consumption Expenditures data released Wednesday.