WASHINGTON (AP) — It’s perhaps the biggest question swirling around the U.S. economy right now: Is inflation stuck at an elevated level — or will last year’s steady decline resume sometime soon?

On Wednesday, the government will issue the latest monthly inflation report, a set of figures that will be scrutinized by economists, Wall Street traders and Federal Reserve officials for any insight into that question. Analysts estimate that year-over-year inflation dipped from 3.5% in March to 3.4% in April, according to a survey by data provider FactSet. Measured from March to April, consumer prices are expected to have risen 0.4%, the same as the previous month.

Core inflation, which excludes volatile food and energy costs, may show that some relief is in sight: It is forecast to slow to 3.6%, which would be the lowest level in three years, from 3.8% in March. Month over month, core prices are believed to have risen 0.3%, down from the previous 0.4%. The Fed closely tracks core prices, which tend to provide a better read of where inflation is headed.