CNN  —  After a hot start to 2024, inflation cooled back down in April, providing a hint of hope for Americans worn down by elevated prices. Consumer prices were up 3.4% for the 12 months ended in April, slowing from 3.5% the month before, according to the latest Consumer Price Index report released Wednesday by the Bureau of Labor Statistics. On a monthly basis, prices rose 0.3%, a slower pace of growth than the two months before. Economists were expecting a 0.4% monthly increase and an annual gain of 3.4%, according to FactSet consensus estimates.