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Fed's preferred inflation gauge rose 2.6% in May in signal that prices could be easing

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Federal Reserve,Gas Prices,Inflation

Economists had expected the report to show a modest easing of inflation to 2.6% in May, following a 2.7% reading in April.

A key inflation gauge used by the Fed to track inflation was up 2.6% last month — a fresh signal that prices may have begun to ease recently after several months of stubbornly high readings

The Fed is looking to engineer a “soft landing” — bringing down inflation without having to tip the economy into a recession. The Commerce Department had previously estimated that the gross domestic product — the economy’s total output of goods and services — advanced at a 1.3% rate last quarter.The surging cost of housing has weighed heavily on inflation in recent years, which has forced the Fed to hike interest rates aggressively.The first quarter’s GDP growth marked a sharp pullback from a strong 3.4% pace during the final three months of 2023.

 

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