Inflation decelerated in July, measured by the Federal Reserve’s preferred gauge, though it remained close to its fastest pace since 1982.
Consumer prices rose 6.3% in July from a year earlier, down from 6.8% in June, as measured by the Commerce Department’s personal-consumption expenditures price index, which it reported Friday. The gain in June marked the sharpest 12-month rise since January 1982.
The so-called core PCE index—which excludes volatile food and energy prices—increased 4.6% in July from a year ago, down from 4.8% in the year through June. On a monthly basis, core prices rose a seasonally adjusted 0.1%, slowing markedly from June’s 0.6% pace.