Fed's personal consumption expenditure index indicates inflation still high but down from March high

A Commerce Department report release Friday shows the cost of U.S. goods and services, considered a key inflation gauge, remained high in April but slightly down from March.  

The department's report on personal consumption expenditures – the value of the goods and services in the U.S. purchased by or for shoppers – increased 6.3% in April, compared to a year earlier. The annualized number for March was 6.6%, a four-decade high.

The April PCE number marked the first slowdown since November 2020, according to the Associated Press.

The report also showed that consumer spending rose by 0.9% from March to April, outpacing the month-to-month inflation rate for a fourth straight time.