Inflation cools further ahead of key Federal Reserve meeting ...Middle East

Inflation showed more signs of cooling Friday, according to data released by the Commerce Department, keeping the Federal Reserve on track to slow down its interest rate hikes next week. The personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of inflation, was up 5 percent annually in December, down from a 5.5-percent annual inflation rate in November and a nearly 7-percent rate in June of last year. Taking out the volatile categories of food and energy, core PCE fell to a 4.4-percent annual increase off a recent high of 5.2 percent in September. The new inflation data comes less than a week before the Fed is expected to issue its smallest interest rate

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