Inflation cooled to 4.9% in April

Excluding volatile food and energy categories, core CPI rose 0.4% monthly and 5.5% from a year ago. That was in line with economists' expectations.

While inflation is slowing, it is still well above the Federal Reserve's target of 2%.

The government just released the latest report on inflation. CBS News Business Analyst Jill Schlesinger helps break down the report showing a decline for the first time since June 2021.

• • Sales slipped 0.7%
• • Existing home sales 4 MM
• • Median sales price $359,000 Up 1.3% from a year ago
• • Inventory of unsold homes up from prior month
• • More From the National Association of Realtors

"Generally speaking, food inflation has been the most stubborn of the categories," Walmart U.S. CEO John Furner told analysts and investors on the call.

While the 2022 wedding boom is now winding down, a survey of vendors found 77% are raising their prices this year because of inflation. 

Workers priced out as rents soar in hot real estate market

In affluent Naples, the average rent for a two-bedroom apartment now tops $2,800, up nearly 60% from a year ago, according to listing site rent.com.

That's far from affordable.