US consumer prices slow in April; inflation stays elevated at 8.3%

The consumer price index rose 0.3% last month, the smallest gain since last August, as Fed readies for more aggressive tightening

US consumer price growth slowed sharply in April as gasoline prices eased off record highs, suggesting that inflation has probably peaked, though it is likely to stay hot for a while and keep the Federal Reserve's foot on the brakes to cool demand.

The consumer price index rose 0.3% last month, the smallest gain since last August, the Labor Department said on Wednesday.

That stood in sharp contrast to the 1.2% month-to-month surge in the CPI in March, which was the largest advance since September 2005.

But the deceleration in the CPI is probably temporary.

Gasoline prices, which accounted for