Inflation ticked down to 8.3% annual rate in April, still more than expected

Inflation slowed slightly to 8.3% for the 12 months ending in April, according to the consumer price index, the first decline in eight months but still a higher rate than economists had predicted.

The much-anticipated numbers reported by the Bureau of Labor Statistics on Tuesday revealed that inflation is still going strong despite the Federal Reserve's interest rate hikes and is near the worst it has been since February 1982 during the Great Inflation that helped bring President Ronald Reagan to office.

The soaring inflation has eaten into President Joe Biden’s approval ratings as he and Democrats approach the midterm elections. Consumer prices have been rising fast since last August, especially for staples such as food and gas. Typical weekly grocery bills, for example, have risen by more than $30.