Consumer prices showed little sign of tariff-related increases for the third month in a row, defying expectations of a significant rise in inflation tied to ongoing U.S. trade wars.

The absence of rising inflation is unlikely to spur the Federal Reserve to cut interest rates soon, however. Top Fed officials and Wall Street economists still think higher U.S. tariffs will cause prices to increase over the summer.

The evidence was thin in May. The consumer-price index rose a scant 0.1% last month, the Bureau of Labor Statistics said Wednesday. That was a tick below  the Wall Street forecast.

The 12-month increase in consumer prices edged up to 2.4% from a four-year low of 2.3%.

The so-call core rate of inflation also rose a slight 0.1%. The core rate excludes volatile food and energy prices and is seen as a better predictor of future inflation.

The increase in the past year was unchanged at 2.8% for the third month in a row, leaving it above the Federal Reserve’s goal of 2% annual inflation.