The Federal Reserve’s favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates this fall.
FILE - A woman shops at a retail store in Schaumburg, Ill., Dec. 18, 2023. On Friday, June 26, 2024, the Commerce Department issues its report on consumer spending for June. – The Federal Reserve's favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to
Friday's report also showed that consumer spending ticked higher in June. So did incomes, even after adjusting for inflation. The report suggested that a rare “soft landing,” in which the Fed manages to slow the economy and inflation through higher borrowing rates without causing a recession, is taking place — so far.
Last month, food prices ticked up just 0.1%, extending a run of slight cost increases after grocery prices had soared in 2021 and 2022. Compared with a year ago, food prices are up just 1.4%.
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