Prices excluding food and energy rose at an annual rate of 2.8% in April as inflation eased after flaring earlier this year.
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 0.3% in the previous month. It was the mildest such increase so far this year.
Restaurant meals, for example, rose 0.3% from March to April and are up 4% from a year earlier. Entertainment prices, including for movies and concerts, jumped 7.4% from 12 months earlier.Inflation fell sharply in the second half of last year but then leveled off above the Fed's 2% target in the first few months of 2024.
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