JUST IN: Inflation fell to a 4.2% annual rate in March, as measured by the gauge favored by the Federal Reserve.
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.
Core PCE inflation, a measure of inflation that strips out energy and food prices and is generally less volatile, is clocking in at a 4.6% year-over-year rate.Other recent measures of inflation have shown that prices are still continuing to fall back to earth from the highs notched last year — which marked the country’s worst inflationary plague in decades.
In addition, inflation plunged to a 2.7% annual rate in March, as measured by the producer price index — the lowest level in more than two years.
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