An inflation measure closely watched by the Federal Reserve showed signs of slowing in February, but it still remained abnormally high, according to new data released Friday.
The personal consumption expenditures (PCE) index showed that consumer prices rose 0.3% from the previous month and climbed 5% on an annual basis, according to the Bureau of Labor Statistics.
Those figures are both lower the 0.6% monthly increase and 5.3% headline jump recorded in January, a welcoming sign for the Federal Reserve as it tries to crush runaway inflation with the most aggressive series of interest rate hikes since the 1980s.
Core prices, which strip out the more volatile measurements of food and energy, climbed 0.3% from the previous month and 4.7% year-over-year, slower than Refinitiv economists expected.
This is a developing story. Please check back for updates.