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The government announced that the Price Index of Personal Consumption Expenditure (PCE), excluding volatile food and energy components, grew by 1.0% in the last quarter, compared with the previous 1.3% increase, which was the inflation target the Federal Reserve valued.
Last quarter's growth was the smallest in four years, and inflation was further depressed under the Fed's 2% target. Inflation has been below target this year, and US President Trump urged the Federal Reserve to cut interest rates.
"Low inflation data is likely to continue," said Sung Won Sohn, professor of economics at Loyola Marymount University in Los Angeles. "With inflation and economic growth heading in the wrong direction, the Fed is likely to cut interest rates later this year."
The Federal Reserve kept interest rates unchanged early this month and hinted that it had no intention of Adjusting monetary policy in the short term. The weakening of portfolio management services, clothing and airfare prices have, to some extent, curbed inflation.
Economists said the sharp downward revision in inflation in the first quarter increased the risk of a fall in the core PCE price index in April.
With health care costs rising for both producers and consumers in April, economists had expected the core PCE price index to remain unchanged at 1.6% in April.
The government will release the April core PCE price index on Friday. Last March, inflation reached the Fed's target of 2% for the first time since April 2012.

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