April Consumer Price Index up 8.3% year-over-year — above forecasts, but down slightly from March

The Labor Department reported Wednesday the country's consumer price index for April was 8.3%, compared to a year ago — higher than expected, but slightly lower than the 40-year high reached in March. 

The 8.5% year-over-year increase in March was the highest since 1981.

April's rate was higher than forecasters predicted. Economists at data provider FactSet surveyed by the Associated Press projected an 8.1% increase, compared to a year earlier.

The Consumer Price Index for All Urban Consumers increased 0.3% in April on a seasonally adjusted basis after rising 1.2% in March, the bureau also reported.