The Federal Reserve's favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling.
The Fed eral 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., up from the previous month's unchanged reading. Compared with a year earlier, inflation declined to 2.5% from 2.6%.
Taken as a whole, Friday's figures suggest that the worst streak of inflation in four decades, which peaked two years ago, is nearing an end.
Consumer spending rose 0.3% from May to June, slightly below the previous month's 0.4% gain. Incomes rose 0.2%, down from 0.4% in May. 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%.
Fed Prices Economy Rate June Growth Spending
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Fed's preferred inflation gauge cools, adding to likelihood of a September rate cutThe 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.
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