It’s being reported this morning that core inflation is down, with overall inflation up slightly from last month.

But the New York Post is reporting that prices are still showing no increases from the tariff’s President Trump has imposed on foreign goods.

Here’s more:

US inflation rose in line with forecasts in May, although so-called “core inflation” came in lower than expected as the effects of President Trump’s tariffs still have yet to significantly boost consumer prices.

The Consumer Price Index rose 2.4% in May from a year earlier, matching economists’ expectations according to the Wall Street Journal.

The number was slightly above April’s reading of 2.3%, the Bureau of Labor Statistics said Wednesday.

Core inflation, which excludes volatile food and energy prices, came in at 2.8%, in line with the previous month and below expectations for a 2.9% rise.

On a month-to-month basis, core inflation was up just 0.1% — well below the 0.3% that had been forecast.

Drops in car and apparel prices, which have been expected to show some of the earliest impacts from tariffs, helped drive lower-than-expected readings.

The shelter index, however, rose 3.9% versus a year ago and was the main driver of inflation last month, according to the government.

The Dow Jones Industrial Average and the S&P 500 index were both poised to rise early Wednesday following the release of the data.

The inflation numbers come as the Federal Reserve has been in wait-and-see mode, hesitant to slash interest rates amid heightened uncertainty due to Trump’s ever-changing trade policies.

Trump, however, has continued to pressure Fed Chair Jerome Powell to cut rates.

Central bankers await a report on wholesale prices on Thursday and its preferred gauge, the personal consumption expenditures price index, on June 27.

President Trump took to Truth Social to write: “CPI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT. WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!!”