A Key Inflation Measure Cooled in December
A measure of inflation closely watched by the Federal Reserve continued to cool in December, the latest sign that price increases are coming back under control even as growth remains solid and the labor market healthy. In particularly positive news, a key gauge of price increases dipped below 3 percent for the first time since early 2021.The Personal Consumption Expenditures price index picked up 2.6 percent last month compared to a year earlier. That was in line with what economists had forecast and matched the November reading.But after stripping out food and fuel costs, which can move around from month…
