U.S. consumer spending increased solidly in March as households boosted purchases of motor vehicles to avoid higher prices and shortages due to tariffs, but that did little to change economists' views that the economy had shifted into lower gear.

The slowdown in inflation could be a temporary respite until the widespread duties imposed by Trump begin to push up prices in many categories. Economists forecast that inflation could reverse its recent decline and reach 3% or higher by the end of this year.

Inflation cooled a bit last month, but don't expect interest rates to drop, too. Prices rose by 2.3% year over year in March, according to the latest Personal Consumption Expenditures data released Wednesday.