Lower rates can stimulate the economy, and Cramer said the data in the CPI report gives the Fed room to cut, which would benefit the market as a whole. The central bank may actually have to cut, he continued, because tariff increases could lead consumers to spend less, which in turn means many retailers will miss their estimates.

Cooler inflation last month leaves the door open for the Federal Reserve to resume cutting interest rates by mid-year, but the central bank remains worried that U.S. tariff hikes could rekindle price pressures,