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According to the Labor Department, the annual increase in U.S. consumer prices slowed to below 5% in April for the first time in two years.

The Consumer Price Index rose 0.4% last month, but in the 12 months leading up to April it has increased 4.9%. Although still a higher number, it marks the smallest year-on-year rise since April 2021.

Prices for essentials like food and energy either dropped or remained unchanged giving consumers some relief.

Stocks on Wall Street gained amid relief that the inflation readings did not exceed expectations. Nevertheless, inflation remains too strong.