CNN —
Yet another favorable piece of economic data shows that price hikes are slowing and that long-unruly inflation appears to be tamed.
The Personal Consumption Expenditures price index — a closely watched inflation gauge that the Federal Reserve uses for its 2% target — slowed to 2.5% for the 12 months ended in June from 2.6% the month before, according to Commerce Department data released Friday.
Economists had projected the annual increase would slow to 2.5%, according to FactSet consensus estimates.
Wall Street responded favorably to the report, with the Dow surging
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