BREAKING: Inflation declined to 3.8% in May, according to key gauge watched by Fed
The decline in the personal consumption expenditures price index reported Friday morning by the Bureau of Economic Analysis shows that inflationary pressures are abating in the face of the Fed’s campaign to slow economywide spending by hiking interest rates.Nevertheless, inflation is still running hotter than the central bank’s target and dinging household purchasing power.
Other recent measures of inflation have shown that prices are falling back to Earth from the highs notched last year, which marked the country’s worst inflationary plague in decades. Additionally, inflation fell to a 1.1% annual rate in May, as measured by the producer price index that gauges the wholesale prices of goods, which are eventually passed down to consumers.
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