The Producer Price Index, a closely watched measurement of wholesale inflation, showed Thursday that the prices paid to US producers dropped 0.5% in April from the month before, a much softer reading than economists expected, while inflation slowed on an annual basis to 2.4%, from 2.9% in March, according to Bureau of Labor Statistics data.

The Consumer Price Index jumped 2.3% in April from the year before, below March’s 2.4% increase, the Bureau of Labor Statistics said Tuesday.

It's normal for some prices to rise at a much faster pace than overall inflation, said Omar Sharif, founder and president of research firm Inflation Insights. The impact, he added, depends on the role such items play in a given person's finances.

Tuesday's report could provide an early read on how Trump's duties will affect the prices Americans pay for necessities and other goods such as clothing, shoes, furniture and even groceries.