Inflation Rate Slows to 8.3 Percent, Remains Near 40-Year High

Grocery shopping in Rosemead, Calif., on April 21, 2022. Frederic J. Brown/AFP via Getty Images

The U.S. annual inflation rate slowed marginally to 8.3 percent in April, higher than the market forecast of 8.1 percent. This is the first time the consumer price index (CPI) has fallen year-over-year since August 2021.

While inflation has declined from its March peak of 8.5 percent, it remains near a 40-year high.