Annual inflation rate was 2.3 percent in April, federal government

The Consumer Price Index in April increased 0.2%, compared to the previous month, the Bureau of Labor Statistics reported Tuesday.

The increase follows a 0.1% drop in March, the federal agency also reports.

The cost of consumer goods in the index increased 2.3% over the past 12 months.

The annualized and month-to-month increases were slightly lower than analysts' forecasts, according to CNBC.