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.

Inflation may have picked up slightly last month as President Donald Trump’s widespread tariffs kicked in, a trend economists expect will become more visible in the coming months.