The Fed's preferred gauge shows inflation rose 4.9% in April in a sign that price increases could be slowing

The Federal Reserve's preferred inflation gauge rose 4.9% in April from a year ago, a still-elevated level that nonetheless indicated that pressures could be easing a bit.

That increase in the core personal consumption expenditures price index was in line with expectations and reflected a slowing pace from the 5.2% reported in March. The number excludes volatile food and energy prices that have been a major contributor to inflation running around a 40-year peak.

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