U.S. consumer prices were flat last month as cheaper gas offset modest increases for food, clothing and housing. This continues the recent trend of mild ‘official’ inflation – running at just 2.3% over the last year – despite volatile gasoline and food prices.

Gas prices fell 2.6 percent in April, the biggest decline in six months. Food prices and housing costs both ticked up 0.2 percent.

From the Associated Press report:

The Labor Department says the seasonally adjusted consumer price index was unchanged in April, after a 0.3 percent gain in March. Excluding volatile food and gas costs, so-called “core” prices rose 0.2 percent. That was the same as in March.

Over the past 12 months, prices have risen 2.3 percent, the smallest increase in more than a year. Core prices have also risen 2.3 percent in the past year, close to the Federal Reserve’s inflation target of 2 percent.