ICYMI: The pullback was driven by tumbling gas prices, a much smaller rise in grocery prices than in previous months and less expensive furniture, airfares and appliances.
The central bank tends to focus most closely on “core” prices. Yet some positive signs there suggest that underlying inflation pressures may be receding. Increases in rents and used car prices were the main cause of rising core prices. Real-time data suggests that increases in those categories will soon ease and help cool inflation.
Yet it could take months for rising costs in those areas to ease back to pre-pandemic levels, The AP said. Fed officials may want those declines to materialize before they extend any rate increases pause.
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