30
Jun
The Federal Reserve's preferred inflation gauge continues to show signs of cooling, accompanied by moderate growth in consumer spending - good news for central banks aiming to control rising prices and curb demand. In May, the personal consumption expenditure (PCE) index rose 2.6% from a year earlier, meeting economists' expectations and down slightly from April's 2.7% increase. Excluding more volatile food and fuel prices, core inflation also rose 2.6% year-on-year, down from 2.8% in April. On a monthly basis, inflation remained particularly subdued, with overall prices showing no significant increases. The Federal Reserve is likely to scrutinize this new inflation…