US consumer price inflation came in at slightly below expectations with a 4.9% headline year on year figure for April. This marks the lowest US print since April 2021. However, core CPI, which strips out the more volatile food and energy prices, is still rising. Shelter, which makes up roughly a third of the inflation index, is still the second highest contributor even after slight reductions in the last two months. The slight easing in data provides some evidence to the argument that the now 5-5.25% US benchmark interest rate is beginning to have the desired effect, by increasing savings and thus withdrawing consumption from the economy.