Shoppers carry bags in New York City. Photographer: Adam Gray/Bloomberg.

Underlying U.S. inflation cooled broadly in March, indicating some relief for consumers prior to widespread tariffs that risk contributing to price pressures.

The consumer price index (CPI), excluding often-volatile food and energy costs, increased 0.1 percent from February—the least in nine months—according to Bureau of Labor Statistics (BLS) data out this morning. Compared with March of last year, the core CPI rose 2.8 percent, remaining the tamest in nearly four years. The overall CPI declined 0.1 percent from a month earlier, the first decrease in nearly five years, and rose 2.4 percent on a year-over-year basis.

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