Photo: Guests shop during the grand opening of Nordstrom Rack at Best of the West shopping center on May 18, 2023, in Las Vegas. (Photo by David Becker/Getty Images for Nordstrom Rack.) Guests shop during the grand opening of Nordstrom Rack at Best of the West shopping center on May 18, 2023, in Las Vegas. (Photo by David Becker/Getty Images for Nordstrom Rack.)

A measure of underlying U.S. inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.

The so-called core consumer price index (CPI)—which excludes food and energy costs—climbed 0.3 percent from March, snapping a streak of three above-forecast readings that had spurred concern that inflation was becoming entrenched. The year-over-year measure cooled to the slowest pace in three years, Bureau of Labor Statistics (BLS) figures showed.

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