Inflation slows for the first time in 9 months

The pace of inflation around the U.S. cooled in April, the first drop after eight straight months of ever-faster price increases.

The Consumer Price Index, a broad basket of goods and services, rose 8.3% from a year ago, the Labor Department reported Wednesday, down from an 8.5% annual increase in March. Core inflation, which strips out food and energy prices, increased 6.2% over the last year.

The dip, although it's less than economists had predicted, suggests that the worst of the price increases of the past year may have passed.