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Federal Reserve's preferred inflation gauge shows price pressures easing further
![Rebecca Blackwell FILE - A waiter carries an order at Kao Bar & Grill in Hallandale Beach, Fla., July 10, 2023. On Friday, June 28, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed's decision on when to begin cutting interest rates in the coming months. (AP Photo/Rebecca Blackwell, File)](https://mapi.associatedpress.com/v2/items/f3678590141846eb8ea3c7498a90fb12/preview/preview.jpg?s=680x&wm=false)
FILE - A waiter carries an order at Kao Bar & Grill in Hallandale Beach, Fla., July 10, 2023. On Friday, June 28, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed's decision on when to begin cutting interest rates in the coming months. (AP Photo/Rebecca Blackwell, File)
![David Zalubowski FILE - Cooper models are tended to in the service bay of a Mini dealership Nov. 3, 2022, in Highlands Ranch, Colo. On Friday, June 27, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed's decision on when to begin cutting interest rates in the coming months. (AP Photo/David Zalubowski, File)](https://mapi.associatedpress.com/v2/items/445c500718694dd89dea6f5932a72b3d/preview/preview.jpg?s=680x&wm=false)
FILE - Cooper models are tended to in the service bay of a Mini dealership Nov. 3, 2022, in Highlands Ranch, Colo. On Friday, June 27, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed's decision on when to begin cutting interest rates in the coming months. (AP Photo/David Zalubowski, File)
![Nam Y. Huh A sale sign is displayed at a retail store in Rosemont, Ill., Tuesday, June 25, 2024. On Friday, June 28, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed’s decision on when to begin cutting interest rates in the coming months. (AP Photo/Nam Y. Huh)](https://mapi.associatedpress.com/v2/items/22099de73a4641fa8dab6916d62bfc72/preview/preview.jpg?s=680x&wm=false)
A sale sign is displayed at a retail store in Rosemont, Ill., Tuesday, June 25, 2024. On Friday, June 28, 2024, the government reports on the inflation gauge that the Federal Reserve follows most closely, a data set that will influence the Fed’s decision on when to begin cutting interest rates in the coming months. (AP Photo/Nam Y. Huh)