WASHINGTON (AP) — A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year.

Friday’s report from the Commerce Department showed that an index that excludes volatile food and energy costs rose 0.2% from March to April, down from 0.3% in the previous month. It was the mildest such increase so far this year.

Measured from 12 months earlier, such so-called “core” prices climbed 2.8% in April, the same as in March. Overall inflation increased 0.3% from March to April, the same as in the previous month, and 2.7% from a year earlier, also unchanged from March’s figure.

The latest figures could provide some tentative reassurance for Fed officials, who aggressively raised interest rates to fight inflation, that price pressures are easing. Chair Jerome Powell has said he expects inflation, after picking up in the first three months of 2024, to resume cooling in the coming months. Powell has cautioned, though, that the central bank needs “greater confidence” that inflation is sustainably slowing before it would consider cutting rates.