Inflation was tame in May, defying fears that the impact of President Trump’s tariffs would start to show a rise in prices. Consumer prices rose 0.1% in May over the previous month, less than economists anticipated.

The consumer price index, excluding the often volatile food and energy categories, increased only 0.1% from April, according to government data.

The research firm also said many companies would absorb some of the costs or hold off on price increases as they await White House negotiations with foreign countries.

The Dow Jones had an up and down day Wednesday, finishing flat after news of the U.S. and China agreeing to a framework for a trade deal and new data that showed inflation rose slightly in May, although less than economists had expected.