Key US inflation gauge cools further as rate hikes bite

A key indicator of US inflation cooled in June to the lowest annual rate in over two years, although this remains above the central bank's target, according to government data released Friday. The Federal Reserve's preferred gauge of inflation, the personal consumption expenditures (PCE) price index, rose 3.0 per cent last month from June 2022, down from a 3.8 per cent jump in May, said the Commerce Department.