Nigeria's headline inflation rate fell slightly in April, to 23.71% year on year from 24.23% in March, data from its statistics agency showed on Thursday.

The April consumer price index, a key gauge of U.S. inflation, came in slightly lower than economists expected at 2.3% in April, but was still higher than the Federal Reserve's 2% goal. CBS News MoneyWatch correspondent Kelly O'Grady has more.

U.S. April wholesale inflation measured by the Producer Price Index fell 0.5%, seasonally adjusted. That's the biggest drop since 2020, according to the Bureau of Labor Statistics.

Wholesale prices posted the biggest drop in April since the pandemic in 2020, but economists say the decline in inflation appeared to be a one-off that might not be sustained if tariffs persist at current levels.

Wall Street stocks mostly rose Tuesday while oil prices advanced, extending a rally as the improved state of US-China trade boosts the economic outlook.

The U.S. dollar steadied on Wednesday after posting its sharpest drop in over three weeks, driven by weaker-than-expected inflation data and easing global trade tensions. The consumer price index (CPI) rose just 0.