Consumer Price Index is expected to increase from March as some categories bounce back from an unusually soft reading. Tariffs aren't yet expected to be a big factor. Fitch Ratings Chief Economist Brian Coulton said it's "a bit early to see firm evidence of tariff hikes in the April CPI data.

US inflation likely accelerated in April after an unexpected cooldown the previous month, with higher tariffs on Chinese goods in particular starting to impact prices.

Inflation cooled dramatically in March, but don’t expect a repeat performance in April’s data. Economists surveyed by FactSet expect that inflation held steady at 2.4% year over year in April, as measured by the consumer price index,