Inflation cooled slightly in April, ending monthslong surge in prices

Consumer prices rose 3.4% in April compared to a year ago, slowing slightly from the previous month and offering a welcome sign for the Federal Reserve in its yearslong inflation fight. The fresh data matched economists' expectations.

After falling dramatically over the course of last year, inflation had accelerated in recent months. Recalcitrant prices forced the Fed to postpone highly anticipated interest rate cuts, leaving borrowing rates high for everything from credit cards to mortgages.

Price increases have slowed significantly from a peak of about 9%, but inflation still stands more than a percentage point higher than the Federal Reserve's target rate of 2%.READ MORE: