The consumer price index fell in March, but President Donald Trump's tariff agenda and the specter of a global trade war threaten to reverse progress.

Consumer prices ​rose less than expected, ​while a year-over-year measure of underlying prices f​el​l to its lowest level in four years.

Inflation slowed sharply in March, new data showed Thursday, underscoring the continued strength and resilience of the economy ahead of President Trump’s aggressive trade moves.

Policymakers and economists say the latest data is only a temporary reprieve as tariffs could stoke higher inflation.

The first monthly decline in prices in nearly five years also suggested softening demand amid recession fears and led markets to anticipate Fed could cut interest rates by 100 basis points this year.