US Fed's favored inflation gauge declined sharply in May
The US inflation measure most closely watched by the Federal Reserve declined sharply in May, official figures showed Friday, returning to a downward trend after a jump a month earlier.. The personal consumption expenditures (PCE) index measure of inflation eased to 3.8 percent year-on-year in May, a significant drop from 4.3 percent a month earlier, the Commerce Department said in a statement.