Inflation is inching closer toward the Fed’s 2% target ...Middle East

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Inflation is inching closer toward the Fed’s 2% target
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By Alicia Wallace, CNN (CNN) — Yet another favorable piece of economic data shows that price hikes are slowing and that long-unruly inflation appears to be tamed. The Personal Consumption Expenditures price index — a closely watched inflation gauge that the Federal Reserve uses for its 2% target — slowed to 2.5% for the 12 months ended in June from 2.6% the month before, according to Commerce Department data released Friday. Economists had projected the annual increase would slow to 2.5%, according to FactSet consensus estimates. This story is developing and will be updated. The-CNN-Wire™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Th

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