In the second full month of President Donald Trump’s second term in the White House, the Bureau of Labor Statistics found that consumer price index inflation fell markedly below expectations to just 2.4% in the 12 months ending in March. In the last month alone, consumer prices actually fell by 1% on a seasonally adjusted basis thanks to a dramatic 6% fall in energy commodities and gasoline prices. Core CPI, the Federal Reserve’s preferred inflation gauge that strips away the volatile categories of food and energy, fell to 2.8% on an annualized basis, marking the first time core CPI has fallen below 3% in exactly four years.

March’s report was obviously researched before Trump’s April 2 announcement of a sweeping set of 10% universal tariffs and his so-called “retaliatory” additional tariffs on more than 60 trading partners. The data also don’t include Trump’s 90-day pause of those supplemental tariffs that he announced this past Wednesday after a bust in the bond market.