An inflation gauge closely tracked by the Federal Reserve shows price pressures easing gradually

A measure of inflation that is closely tracked by the Federal Reserve slipped last month in a sign that price pressures continue to ease. Prices rose 0.3% from January to February, decelerating from a 0.4% increase the previous month in a potentially encouraging trend for President Joe Biden’s re-election bid. Compared with 12 months earlier, though, prices rose 2.5% in February, up slightly from a 2.4% year-over-year gain in January. Excluding volatile food and energy costs, last month’s “core” prices suggested lower inflation pressures. Economists consider core prices to be a better gauge of the likely path of future inflation.