Inflation rate eases to 4.9% in April, less than expectations

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The consumer price index rose 0.4% last month, pushed higher by rising shelter, used vehicle and gas prices. The increase was in line with Wall Street expectations.
On an annual basis, the inflation rate was 4.9%, slightly less than the estimate and providing some hope that the trend is lower.
For workers, real average hourly earnings, adjusted for inflation, rose 0.1% for the month but were still down 0.5% from a year ago.

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