US inflation fell to 2.4% in January after last year’s tariff-driven price swings.
The US Bureau of Labor Statistics reported a 0.2% monthly increase in consumer prices.
Core inflation, which excludes food and energy, rose 0.3% in January.
Economists had expected a slight easing to about 2.5%.
Prices fluctuated sharply last year.
Inflation dropped to 2.3% in April, then climbed to 3% by September.
It eased to 2.7% in November and December.
The White House credited Donald Trump and his tariff policies for stabilizing prices.
Officials said the America First agenda continues to tame inflation.
Investors now watch the Federal Reserve for signals on interest rates.
The Fed paused rate cuts in January and will meet again in March.
Fed chair Jerome Powell said tariff effects should peak and fade this year.
The labor market remained steady in January, though overall job growth slowed.
Polls, including a February survey by Economist/YouGov, show declining approval of Trump’s economic leadership.
Inflation remains voters’ top concern ahead of the midterm elections.
