Another week has gone by, and another inflation report has shown prices are continuing to fall from the year before. But how much has inflation slowed, and when will it be back to normal?
The Federal Reserve has been raising its interest rate target in an effort to slow demand for goods and services and bring down inflation. On Friday, the Bureau of Economic Analysis released the March numbers for the Fed’s preferred inflation gauge, the personal consumption expenditures index, which showed inflation on an annual basis slowing from 5.1% in February to 4.2% in March.
But while the PCE index is a key gauge for the Fed, when most economists and news reports refer to a headline number for inflation, they are referencing the consumer price index, a separate gauge. The drop in headline inflation was yet more welcome news for an economy that has been put on the rocks by the soaring prices of everything from food to energy and home goods. Additionally, prices rose just 0.1% on a month-to-month basis, that is, just from February to March, less than economists expected.
A big chunk of that June peak came as energy prices were squeezed to record highs amid the war in Ukraine. Rising energy prices accounted for half of that month’s total inflation, with the gasoline index rising a dizzying 11.2% just in the month.Federal Open Market Committee members, led by Fed Chairman Jerome Powell, are set to meet on Tuesday and Wednesday.
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