U.S. consumer prices rose by 0.1% in May, a smaller increase than anticipated, as cheaper gasoline helped offset higher housing costs. According to data published by the Labor Department, the monthly advance in the Consumer Price Index (CPI) was more modest than economists’ expectations.

May’s consumer price index captures the period after President Donald Trump unveiled his ‘Liberation Day’ trade tariffs

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.

Wholesale U.S. inflation measured by the PPI inched up 0.1% in May, according to a Thursday report from the Bureau of Labor Statistics.

The 0.1% rise was a notch below the 0.2% increase that economists had expected.