CPI report shows inflation easing in April, with consumer prices still rising 3.4% from a year ago

Inflation eased slightly in April, providing at least a bit of relief for consumers while still holding above levels that would suggest a cut in interest rates is imminent.

The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department’s

Wednesday. That was slightly below the Dow Jones estimate for 0.4%.

On a 12-month basis,…