Prices are cooling even though President Trump’s trade war is dragging on and businesses keep threatening to raise their prices in response to it.

The personal consumption expenditures (PCE) price index fell to a 2.1-percent annual increase in April, down from 2.3 percent in March and 2.6 percent in April, the Commerce Department reported Friday.

Removing the more volatile categories of food and energy, PCE prices fell to a 2.5-percent increase.

“The impact of tariffs is once again missing from the inflation report,” Scott Helfstein, head of investment strategy at financial company Global X, said in a commentary.

“Each month we keep trying to assess whether tariffs are going to drive inflation higher, but the pauses keep pushing the prospect of higher prices further........

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