Inflation, as measured by the Consumer Price Index, rose 3.4% in April from a year ago, which was in line with expectations. Month-over-month, the index rose 0.3%, slightly less than the 0.4% that was expected.

When stripping out the more volatile food and energy prices, the index rose 3.6% year-over-year and 0.3% from March, both matching economists' estimates.

Yahoo Finance's Seana Smith and Brad Smith report the breaking data.

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This post was written by Stephanie Mikulich.