Consumer spending slowed despite rising incomes, potentially an early reaction to higher prices on some imported goods.

A key U.S. inflation gauge slowed last month as President Donald Trump’s tariffs have yet to noticeably push up prices, while American incomes jumped.

Inflation fell two-tenths of a percentage point to 2.1% for the year ending in April, the Bureau of Labor Statistics reported Friday in an update to the Federal Reserve’s preferred gauge. Economists had expected inflation in the index,