The Fed’s favorite inflation measure cooled in February

By Alicia Wallace, CNN

The Federal Reserve’s preferred inflation gauge cooled back down in February after ticking up unexpectedly the month before.

The Personal Consumption Expenditures price index rose 5% for the 12 months ended in February, lower than January’s downwardly revised 5.3% gain, the Commerce Department reported Friday.

On a monthly basis, prices were up 0.3%, a cooling from January’s 0.6% surge.

Economists were expecting a monthly gain of 0.2%, according to Refinitiv.

This story is developing and will be updated.

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