That is a factor in bringing inflation down. Major retailers such as Walmart and Target have begun cutting prices on a range of household items and groceries after they found customers trading down and seeking discounted goods.

Federal Reserve officials received reassurance this week that inflation remains on a downward — albeit bumpy — path, but policymakers are unlikely to waver from their message that they need more evidence.

Inflation remained sticky in April, as a closely watched measure of price changes was unchanged from the month before, providing yet another reminder of stubborn price pressures.

This story has been updated to reflect that personal income growth matched economist expectations in April. The Federal Reserve’s preferred inflation measure held steady in April, aligning with economist expectations,

Markets end mixed; Core PCE inflation cools; Gap shares pop; Anchor Brewing finds buyer.

The US Federal Reserve's favored measure of inflation remained unchanged in April, according to government data published Friday, as services prices remained elevated.