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.

The Federal Reserve’s preferred gauge of inflation, the Personal Consumption Expenditures (PCE) price index, remained unchanged in March after rising 0.4% the previous month. From the same month one year ago,