Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

Inflation slowed to the lowest point in four years last month, but progress in reining it in will likely end there as higher tariffs start to push up the cost of consumer goods. The consumer price index climbed 2.

The Federal Reserve will have little reason to change its wait-and-see stance as a result of April's inflation reading from the consumer-price index. The figures were largely in line with the expectations of forecasters who closely track how the Labor Department measures inflation.

President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.

German inflation eased further to 2.2% in April, the federal statistics office said on Wednesday, confirming preliminary data.

The April consumer price index, a key gauge of U.S. inflation, came in slightly lower than economists expected at 2.3% in April, but was still higher than the Federal Reserve's 2% goal. CBS News MoneyWatch correspondent Kelly O'Grady has more.

Inflation eased in April with drops in gas and egg prices, but ODU's Bob McNab warns tariffs could drive prices back up this summer.

Spain's European Union-harmonised 12-month inflation rate remained at 2.2% in April from the period through March, final data released by the National Statistics Institute, or INE, showed on Wednesday.