NEW YORK: The dollar fell and major US stock indexes rose on Tuesday (May 13) on news that US consumer inflation picked up less than expected in April when President Donald Trump unveiled a raft of tariffs that have wreaked havoc on global markets.

Consumer prices rose 2.3 per cent in April from a year ago, down from 2.4 per cent in March and the smallest increase in more than four years.

Economists at Goldman Sachs Group Inc. boosted their forecasts for US inflation this year and next, in part to account for a weaker dollar following the Trump administration’s tariff announcements.

Our survey shows economists expect slower growth and see a recession as more likely. They were pessimistic a year ago, too, and were wrong.

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Gold prices rose on Tuesday on bargain-hunting after a sharp loss in the previous day, while softer-than-expected inflation data from the U.S. also lent support.

US inflation rose by less than forecast in April amid tame prices for clothing and new cars, suggesting little urgency so far by companies to pass along higher tariffs.