The rate of inflation continues to drop and now he’s being reported as the lowest rate since February 2021, right after Joe Biden took office.

Egg prices also fell another 12.7%, but they still have a ways to go.

Here’s more from CNBC:

Inflation was slightly lower than expected in April as President Donald Trump’s tariffs just began hitting the slowing U.S. economy, according to a Labor Department report Tuesday.

The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2% for the month, putting the 12-month inflation rate at 2.3%, its lowest since February 2021, the Bureau of Labor Statistics said. The monthly reading was in line with the Dow Jones consensus estimate while the 12-month was a bit below the forecast for 2.4%.

Excluding volatile food and energy prices, the core CPI also increased 0.2% for the month, while the year-over-year level was 2.8%. The forecast was for 0.3% and 2.8%, respectively.

After posting a 2.4% slide in March, energy prices rebounded, with a 0.7% gain. Food saw a 0.1% decline.

Used vehicle prices saw their second straight drop, down 0.5%, while new vehicles were flat. Apparel costs also were off 0.2% though medical care services increased 0.5%. Health insurance increased 0.4% while motor vehicle insurance was up 0.6%.

Egg prices tumbled, falling 12.7%, though they were still up 49.3% from a year ago.

With the increase in CPI, real average hourly earnings were flat for the month and up 1.4% from a year ago.

This is great news, especially in the face of the new tariff policies, which some expected would hurt the economy. So far, so good.

In related news, JP Morgan dropped their prediction of a recession after Trump scored a big trade deal with China.