U.S. Fed’s preferred inflation measure edges down in August

An inflation metric closely watched by the US Federal Reserve crept lower Friday, according to government data, supporting the central bank’s decision earlier this month to begin cutting interest rates — ahead of November’s presidential election.
The central bank operates independently of the US administration, but rate cuts lower borrowing costs over time and could bring consumers some relief at a point when the economy is among voters’ biggest concerns.
The personal consumption expenditures (PCE) price index was up 2.2 percent from a year ago in August, down from 2.5 percent in July, the Commerce Department said.
Between July and August, the PCE price index was up 0.1 percent — a lower reading than July’s 0.2 percent — according to Friday’s report.
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