This inflation gauge by the Dallas Fed suggests slower progress in taming prices

An obscure price tracker closely followed by economists also suggests inflation is slowing, but perhaps not quite as fast as the best-known indexes. The Dallas Federal Reserve’s “trimmed mean” inflation rate eased to 4.2% in the period running from June 2022 to June 2023 from 4.6% in the prior month.

That’s much higher than the 3% rate shown by the PCE index, the central bank’s favorite inflation gauge. And it’s a hair higher than the 4.1% core PCE rate produced by the government on Friday. Just what is a trimmed mean inflation rate? The Dallas Fed strips out goods and services that show the biggest ups and downs each month to give a better sense of underlying inflation trends. Sometimes t …

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