Wall Street cheers as Fed's favorite inflation gauge shows price hikes are the slowest in 4 years
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The Commerce Department report shows that consumer prices were flat from April to May, the mildest performance in over four years. Prices rose 2.6% from a year earlier, slightly less than in April. Core inflation, excluding food and energy prices, rose 0.1% from April to May, the smallest increase since spring 2020. Prices for physical goods fell 0.4% from April to May, while prices for services ticked up 0.2%. The Fed's favorite inflation gauge, the personal consumption expenditures price index, showed that inflation eased in May for a second straight month. The latest figures will likely be welcomed by the Fed's policymakers, who have said they need to feel confident that inflation is slowing sustainably toward their 2% target before they'd start cutting interest rates. Stocks rose on Wall Street following the release of the report.

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https://fortune.com/2024/06/28/personal-consumption-expenditures-inflation/