A measure of prices that is closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease
A sale sign is displayed at a retail store in Rosemont, Ill., Tuesday, June 25, 2024. On Friday, June 28, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed’s decision on when to begin cutting interest rates in the coming months. .
Excluding volatile food and energy prices, so-called core inflation rose 0.1% from April to May and 2.6% from 12 months earlier. Both figures were slight improvements on the previous month's data. The Fed tends to favor the inflation gauge that the government issued Friday — the personal consumption expenditures price index — over the better-known consumer price index. The PCE index tries to account for changes in how people shop when inflation jumps. It can capture, for example, when consumers switch from pricey national brands to cheaper store brands.showed that inflation eased in May for a second straight month.
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