Key U.S. inflation gauge shows prices continued cooling in August (1 Viewer)

[Politics - CBSNews.com]

The Federal Reserve's preferred inflation measure on Friday provided the latest sign that price pressures are easing, a trend that is expected to fuel further Fed interest rate cuts this year and next.

Prices rose just 0.1% from July to August, the Commerce Department said, down from the previous month's 0.2% increase. Compared with a year earlier, inflation fell to 2.2%, down from 2.5% in July and barely above the Fed's 2% inflation target.

The cooling of inflation might be eroding former President Donald Trump's polling advantage on the economy...

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