Inflation slows for the first time in 9 months
CBSN
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.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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