Inflation cooled for the third straight month in April even after some of President Donald Trump’s tariffs took effect, though economists and many business owners expect inflation will climb by this summer.

Consumer prices rose 2.3% in April from a year ago, the Labor Department said Tuesday, down from 2.4% in March and the smallest increase in more than four years. On a monthly basis, prices rose modestly, increasing 0.2% from March to April after falling 0.1% the previous month, the first drop in five years.

Grocery prices dipped 0.4% from March to April in what will come as a relief to many people stretching family budgets for the basics. It was the biggest decline in food costs at home since September 2020, the government said. Egg prices fell sharply, declining 12.7%, the most in 41 years. Yet they are still 49% higher than a year ago.

Overall, the report suggests tariffs haven’t yet impacted prices for many items. Economists say the impact will more likely be seen by June or July. The 10% tariff on all goods that took effect April 5 could take two to three months to feed into the inflation data. And many companies built stockpiles of products earlier this year, enabling them to delay price hikes in hopes that the trade war will cool.

“It’s early days for tariff effects,” said Laura Rosner-Warburton, co-founder of MacroPolicy Perspectives and formerly an economist at the Federal Reserve’s New York branch. “More will come in May, June, and July. There are plenty of price increases already scheduled and on the way.”