US inflation slowed in April, providing a glimmer of hope for weary Americans

After a hot start to 2024, inflation cooled back down in April, providing a bit of hope for Americans worn down by elevated prices.

Consumer prices were up 3.4% for the 12 months ended in April, easing from 3.5% the month before, according to the latest Consumer Price Index report released Wednesday by the Bureau of Labor Statistics.

On a monthly basis, prices rose 0.3%, a slower pace of growth than the 0.4% seen in the two months prior.

Economists were expecting a 0.4% monthly increase and an annual gain of 3.4%, according to FactSet consensus estimates.