US inflation slowed to 2.4% in January, showing a calming of price spikes caused by Donald Trump’s tariffs last year. Prices rose 0.2% from December to January, according to the US Bureau of Labor Statistics. Core CPI, which excludes food and energy, increased 0.3% over the month. Economists had expected inflation to ease to about 2.5% annually. Last year, inflation jumped from a low of 2.3% in April to 3% in September and fell back to 2.7% by year-end. Wall Street is watching these numbers closely to guess how the Federal Reserve might adjust interest rates. The Fed did not cut rates last January and is cautious before its March meeting. Chair Jerome Powell said last month, "The expectation is that we will see the effects of tariffs flowing through goods prices, peaking, and then starting to come down." The labor market also performed well in January, but jobs growth for 2025 was revised down to 181,000, much less than the 2 million jobs added in 2024. President Trump has focused on GDP growth and price gains last fall, claiming, "We’ll go down as the greatest first year in history that nobody’s ever had." However, polls show voters are unhappy with Trump’s economic record. An Economist/YouGov poll found only 37% of Americans approve of his job performance—the lowest in his term. Inflation is the lowest-rated issue among voters, posing challenges for Republicans ahead of the midterm elections. In response, the White House has recently announced plans to lower housing costs, credit card debt, and drug prices to tackle affordability concerns.