US inflation eased last month in the first slowdown of 2024

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden’s re-election team. Consumer prices rose 0.3% from March to April, down slightly from 0.4% the previous month. Measured year-over-year, inflation ticked down from 3.5% to 3.4%. And a gauge of underlying inflation, which excludes volatile food and energy costs, reached its lowest level in three years. Inflation had been unexpectedly high in the first three months of this year after having steadily dropped in the second half of 2023.