Lower energy prices had an impact, the report said.
WASHINGTON — Inflation eased last month as energy prices tumbled, raising hopes that the surging costs of everything from gasoline to food may have peaked.
There was hope that the Fed might signal a moderation of rate increases if inflation were to show further signs of easing. In the United States, the Commerce Department’s personal consumption expenditures index is less well known than the Labor Department’s consumer price index . Spiking prices have become a political threat to the current administration and President Joe Biden was quick to point to the latest data that could show inflation is loosening its grip.
On Friday, Powell warned more explicitly than he has in the past that the Fed’s continued tightening of credit will cause pain for many households and businesses as its higher rates further slow the economy and potentially lead to job losses.
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