Inflation cools slightly to 4.9% but remains above target rate

The inflation rate is slowing slightly but still remains higher than ideal, according to Wednesday's Consumer Price Index report, which showed that the costs of U.S. goods and services rose 4.9% in April compared to the past 12 months.

The inflation rate has declined for 10 straight months, but it is still below the ideal inflation rate set by the Federal Reserve at 2%. 

The CPI, which measures inflation by tracking prices consumers pay over time, was at 5% in March.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.