On May 13, 2023, the U.S. Department of Labor announced the CPI data for April. The CPI increased by 2.3% year-on-year, lower than expected and the previous value; it increased by 0.2% month-on-month, showing some recovery from the previous value. Core CPI increased by 2.8% year-on-year and 0.2% month-on-month. Housing prices and energy prices rose, while food prices fell. The impact of tariffs may become apparent later, and the expectation for the Federal Reserve to cut interest rates has decreased.