Americans plagued by surging prices over the past 20 months continue to face strain, even as inflation shows signs of cooling.

The Labor Department said Wednesday that the Consumer Price Index (CPI), a broad measure of the price of everyday goods including groceries, gasoline, and rent, rose 0.3% in April from the previous month — lower than economists forecast. Consumer prices were 3.4% higher compared to a year ago, the slowest pace in three months.

The measure remains above the Federal Reserve’s 2% target.

Though moderating prices of some foods and goods are helping temper inflation, other basics such as housing, baby formula, and auto insurance are pinching household finances.

Here’s what the latest inflation numbers from the Bureau of Labor Statistics mean for you:

Shelter costs remain sticky, but renters have had it worse

Few Americans have felt the effects of inflation more than the nation’s renters, but some relief could be on the horizon.

Though rent prices remain elevated, they have been worse. The measure for shelter costs slowed to 5.5% on an annual basis, a slowdown from March and a marked decline from the March 2023 peak of 8.2%. The index rose 0.4% month over month.

One silver lining: Rising vacancy rates, which could further slow rent hikes.

And according to Redfin, the number of apartments under construction remains near a record high. That upcoming supply should help stabilize rent prices.

Auto insurance is at its highest in decades

Car insurance costs haven't been this bad in 47 years. The price of auto insurance surged 22.6% year over year in April, a pain felt nationwide.

According to insurance tech firm Insurify, one of the measures driving up insurance costs was the “skyrocketing” price of auto parts, along with an uptick in the severity of claims.

Owning a car generally has become pricier. Motor vehicle maintenance and repair increased 6.4% year over year, while repairs jumped 9.8%.

Meanwhile, parking fees and tolls were 7.3% higher than they were in March 2023, and 2.5% just since March.

Adding to inflation concerns, prices were climbing at the gas pump.

Gas prices rose 2.8% in April over the prior month, an increase from the 1.5% monthly increase seen in March. As oil prices have ticked higher this year, gas prices have followed. As of April 10, the national average for gasoline was $3.61 per gallon, up $0.23 from just a few months ago, according to AAA data.

Those in the market to purchase a used car or truck caught a small break. Used vehicles registered an annual decline of 6.9% and were down slightly for the second straight month. New car price inflation fell 0.4% from April 2023.

Read more: Tips for getting cheap car insurance in 2024

Some food prices cool at the grocery aisle

Grocery price increases — at least some of them — are easing up.

Some items posting the largest slowdowns were eggs — notoriously hot during the pandemic — which were down 9% from a year ago and 7.3% monthly. The cost of apples slowed by 12.7%, cheese by 3.3%, and ham by 3.8%.

A few foods remain stubbornly high. Frozen juices and drinks jumped 29.2% year-over-year, and beef products keep getting pricier. Ground beef rose 6% from a year ago, steaks were up 6.5%, and roasts surged 10.1%. According to data from the Federal Reserve Bank of St. Louis, that translated to an average of $7.47 per pound for uncooked beef roasts.

While grocery prices overall are experiencing less volatility, consumers still felt the burn of inflation eating out. The cost of food away from home increased 0.3% from March and was up 4.1% from a year earlier.

Restaurant meals rang in 3.4% higher than a year ago, and even a snack from vending machines was up 7.3%.

Baby formula prices accelerate

A new point of concern: The price of baby food is on the rise.

Baby formula shot up 5.1% from a year ago, though slowed a bit month over month. According to Yale School of Medicine, a year’s supply of baby formula in 2023 cost between $760 and $2,280. For children with special dietary needs, that could be even higher.

A generic tub of baby formula can cost anywhere from $20 to $35 at Target, while some brand names run more than $50 for a 35-ounce container. Meanwhile, organic powder baby formulas can cost between $30 to $44 for an average 21-ounce container.

Senior care, other health costs on the rise

Home healthcare for elderly or disabled family members posted a large jump, rising 13.9% from a year ago, the BLS found.

Hospital and related services increased 0.6% from March and were 7.9% higher than a year ago. Inpatient hospital services were up 7.1% year over year, and outpatient care was up 8.2%.

Meanwhile, prescription drug costs grew little, but over-the-counter medications surged 7.7% annually. Overall, medicinal drugs were 2.6% higher than a year ago, 0.5% up month over month.

What’s next

While inflation has fallen substantially from its peak of 9.1% in June 2022, everyday prices have failed to reflect relief across the board.

Headline inflation stood at 3.5% in March, up from 3.2% in February and still well above the Fed’s target 2% reading. Investors now anticipate two quarter-point rate cuts this year, down from the six cuts expected at the start of the year, according to updated Bloomberg data.

Gabriella Cruz-Martinez is a personal finance and housing reporter at Yahoo Finance. Follow her on X @__gabriellacruz.