US inflation slowed to its lowest rate in more than four years, an unexpected and welcome development at a time when President Donald Trump’s dramatically escalated tariffs are expected to cause prices to rise.

Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

Prices for other foods declined in April. Inflation in the fresh fruits and vegetables group dropped by 0.7%, with lettuce and tomato prices both down by over 6%. Dried beans, peas and lentils, however, were up by nearly 6%, underscoring the volatile nature of food prices.

Argentina's monthly inflation rate slowed more than expected to 2.8% in April, data from national statistics agency INDEC showed on Wednesday, though residents continue to struggle with the South American nation's ever-rising costs.

After Kerala, Karnataka recorded the highest inflation rate at 4.26 percent. Jammu and Kashmir followed at 4.25 percent. Telangana saw the biggest drop at 1.26 percent

Inflation slowed to the lowest point in four years last month, but progress in reining it in will likely end there as higher tariffs start to push up the cost of consumer goods. The consumer price index climbed 2.

German inflation eased further to 2.2% in April, the federal statistics office said on Wednesday, confirming preliminary data.