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NY Fed inflation gauge sees cooler price pressures in February

The Federal Reserve Bank of New York said on Monday that underlying inflation pressures weakened in February.

The bank said its Multivariate Core Trend Inflation gauge fell to 2.9% in February from 3% in January. The bank’s index, which seeks to divine the longer-run trend of price pressures, has been on balance cooling since peaking at 5.43% in June 2022.

On Friday, the government reported the Fed’s preferred inflation gauge, the personal consumption expenditures price index, stood at a year-over-year rise of 2.5% in February, while the core PCE price index was at 2.8% over the same period.
Source: Reuters

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