The Consumer Price Index rose 0.4% in April on a seasonally adjusted basis, after increasing 0.1% in March, the U.S. Bureau of Labor Statistics reported May 10.

Over the past 12 months, the all-items index increased 4.9% before seasonal adjustment, the slowest rate in two years.

The report disappointed financial market hopes that the Federal Reserve would start cutting rates this year to shore up the economy, according to an analysis from Reuters.

The index for shelter was the largest contributor to the monthly  increase, followed by increases in the index for used cars and trucks and the index for gasoline, according to BLS data. The increase in the gasoline index more than offset declines in other energy component indexes, and the energy index rose 0.6% in April.

The food index was unchanged in April. The index for food at home fell 0.2% over the month, while the index for food away from home rose 0.4%.

The index for all items other than food and energy rose 0.4% in April. Indexes which increased in April include:

• Shelter
• Used cars and trucks
• Motor vehicle insurance
• Recreation
• Household furnishings and operations
• Personal care

The all-items other than food and energy index rose 5.5% over the last 12 months. The energy index decreased 5.1% for the 12 months ending April, and the food index increased 7.7% over the last year, according to BLS data.