Inflation rate rose by 2.3% in April, CPI report shows. Here's what the data means.

The Consumer Price Index in April rose 2.3% on an annual basis, rising less than economists had expected yet still reflecting price hikes that remain above the Federal Reserve's goal of bringing down inflation to a 2% rate.

The CPI was forecast to rise 2.4% last month, according to economists polled by financial data firm FactSet. The CPI, a basket of goods and services typically bought by consumers, tracks the change in those prices over time.