US Fed's Favored Inflation Measure Cools Slightly In May

Goods prices fell in the year to May, according to data published on June 28 (Credit: AFP)

The US Federal Reserve's favored measure of inflation eased slightly in May, according to government data published Friday, as goods prices cooled.

The data provide the US central bank with further evidence that its fight against inflation is back on track after a small uptick in the annual inflation rate in the first quarter of the year.