Inflation slowed for a tenth straight month in April as another drop in grocery bills offset a rebound in gasoline costs, providing some relief to Americans squeezed by a two-year run-up in prices.

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.

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%.

"We shouldn't even be talking about a world in which the U.S. doesn't pay its bills. It just shouldn't be a thing," Powell said. "No one should assume that the Fed can… really protect the economy and the financial system, and our reputation globally, from the damage such an event might inflict."