Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.

Prices for other foods declined in April. Inflation in the fresh fruits and vegetables group dropped by 0.7%, with lettuce and tomato prices both down by over 6%. Dried beans, peas and lentils, however, were up by nearly 6%, underscoring the volatile nature of food prices.

After Kerala, Karnataka recorded the highest inflation rate at 4.26 percent. Jammu and Kashmir followed at 4.25 percent. Telangana saw the biggest drop at 1.26 percent

Spain's European Union-harmonised 12-month inflation rate remained at 2.2% in April from the period through March, final data released by the National Statistics Institute, or INE, showed on Wednesday.

Inflation slowed to the lowest point in four years last month, but progress in reining it in will likely end there as higher tariffs start to push up the cost of consumer goods. The consumer price index climbed 2.

The crypto market stood at $3.4 trillion as the Consumer Price Index (CPI) in April stood at 2.3% over the last 12 months, the Bureau of Labor Statistics reported on May 13. The Federal Reserve has set an inflation target of 2%. As per Kraken's price feed, Bitcoin was trading at $103,587 at press time.