Inflation cooled on an annual basis for the first time since 2020 in the gauge favored by the Federal Reserve.
Inflation, as measured by the personal consumption expenditures price index, decreased to 6.3% in the 12 months ending in April, according to data released by the Bureau of Economic Analysis on Friday morning. It was the first decline in the inflation rate since December 2020, when the pandemic was still ravaging the economy.
Notably, core PCE, which strips out energy and food prices, tumbled for the third month in a row to 4.9%. "There is more work to do, and tackling inflation is my top economic priority. My plan is to give the Federal Reserve the independence it needs to do its job, lower families' costs, and lower the federal deficit," he said in a statement.
The central bank increased its interest rate target by a quarter of a percentage point in March and subsequently hiked rates by half a percentage point earlier this month. The half-point hike is analogous to two simultaneous rate increases and shows that the central bank is growing increasingly more concerned about inflation.
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