Inflation rose to 8.3% in April from a year ago, near a 40-year high

The Consumer Price Index rose 8.3% in April, higher than the 8.1% estimate and close to the highest level in more than 40 years.

April's pullback in annual readings was the first since last August and halted a fresh 40-year high for five consecutive months. But hang on to that shopping spree. Overall consumer prices are still up 0.3% since March.

Month-to-month gains also exceeded expectations -- 0.3% versus 0.2% estimates on headline CPI and a 0.6% increase for core against the 0.4% profit outlook.

Inflation-adjusted income for workers continued to decline, down 2.6% from the previous year due to rising cost of living.

Annual inflation slowed in April partly as prices started rising higher than a year ago, making the latest numbers not high by comparison.

April also saw major price increases in select food sectors. Chicken prices rose by 3.4% and eggs by 10.3%, while bacon rose 2.5% and breakfast cereals by 2.4%, ham prices fell 1.8% amid bird flu scare.