Key Takeaways Consumer prices stayed flat in March, in line with forecaster expectations, as a drop in gas prices kept overall inflation tame.Wednesday's report on Personal Consumption Expenditures provided a snapshot of the economy ahead of President Donald Trump's tariff campaign.

Inflation cooled a bit last month, but don't expect interest rates to drop, too. Prices rose by 2.3% year over year in March, according to the latest Personal Consumption Expenditures data released Wednesday.

U.S. consumer spending increased solidly in March as households boosted purchases of motor vehicles to avoid higher prices and shortages due to tariffs, but that did little to change economists' views that the economy had shifted into lower gear.