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

After a strong start in 2024, inflation eased in April, bringing some relief to Americans burdened by high prices. The latest Consumer Price Index report released on Wednesday by the Bureau of Labor Statistics showed that consumer prices increased by 3.4% for the 12 months ending in April, slightly lower than the 3.5% seen the previous month. Monthly price growth also slowed to 0.3% compared to 0.4% in the preceding two months. The report highlighted that rising gasoline and shelter costs were the primary drivers of the overall inflation increase. However, there was some positive news on grocery prices, as they fell by 0.2% from March, marking the first decline in a year. The core CPI, which excludes volatile categories like energy and food, decreased from 3.8% to 3.6%, the lowest rate since April 2021.