WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve slipped last month in a sign that price pressures continue to ease...
WASHINGTON — A measure of inflation that is closely tracked by the Federal Reserve slipped last month in a sign that price pressures continue to ease.
Excluding volatile food and energy costs, so-called core prices rose 0.3% from January to February, down from 0.5% in the previous month. Core prices rose 2.8% from a year earlier last month, down from a revised 2.9% in January. Economists consider core prices to be a better gauge of the likely path of future inflation.Annual inflation, as measured by the Fed’s preferred gauge, tumbled in 2023 after having peaked at 7.1% in mid-2022.
The Fed tends to favor the inflation gauge that the government issued Friday — the personal consumption expenditures price index — over the better-known. The PCE index tries to account for changes in how people shop when inflation jumps. It can capture, for example, when consumers switch from pricier national brands to cheaper store brands.
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