Inflation Festers in Core Services, No Progress in 12 Months. PCE Price Index Accelerates for 3rd Month: Justifies Fed’s Pivot to Wait-and-See

The sharply falling prices since mid-2022 of energy such as gasoline, and durable goods, such as motor vehicles, had contributed a lot to the cooling of inflation measures. But prices cannot fall forever – they can rise forever, but they cannot fall forever, and they stopped falling.