The PCE price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first quarter.
A price gauge closely tracked by the Federal Reserve cooled slightly last month, a sign that inflation may be easing after running high in the first three months of this year. Friday’s report from the Commerce Department showed that an index that excludes volatile food and energy costs rose 0.2% from March to April, down from a rise of 0.3% the previous month. It was the mildest increase so far this year. Measured from 12 months earlier, such so-called “core” prices climbed 2.
The Fed will likely see such data as evidence that the economy is cooling in a way that could restrain inflation later this year. Many Americans, particularly low-income workers, have been pulling back on spending as they struggle to keep up with rising expenses, leading some businesses to rein in prices. In recent weeks, McDonald's, Target, Walmart and others have announced price reductions or temporary discount deals.
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