U.S. inflation slowed last month for the first time since September and a measure of underlying inflation fell to a four-year low, even as widespread tariffs threaten to send prices higher.

The consumer price index increased 2.8% in February from a year ago, Wednesday’s report from the Labor Department showed, down from 3% the previous month. Core prices, which exclude the volatile food and energy categories, rose 3.1% from a year earlier, down from 3.3% in January. The core figure is the lowest since April 2021.

The declines were greater than economists expected, according to a survey by data provider FactSet. Yet inflation remains above the Federal Reserve’s 2% target. And most economists expect inflation will remain elevated this year as Trump’s tariffs kick in.

The report “is encouraging news, though it doesn’t tell us much about where inflation is headed,” said Oren Klachkin, Nationwide Financial Markets economist, in an email. “With tariffs possibly set to push goods prices higher … we see inflation risks as tilted to the upside.”

On a monthly basis, inflation also came in much lower than expected. Consumer prices rose 0.2% in February from the previous month, down from a big 0.5% jump in January. And core prices rose just 0.2%, below the 0.4% increase in January. Economists watch core prices because they are typically a better guide to inflation’s future path.