Price pressures remain muted, according to a report released Friday by the Economic Cycle Research Institute.

The ECRI U.S. future inflation gauge fell to 100.8 in August from 102.0 in July. The gauge is designed to measure the economy's underlying price pressures and predict turning points in the U.S. inflation cycle.

"With the USFIG falling for the fourth straight month to a 19-month low, underlying inflation pressures in the U.S. continue to recede," says Lakshman Achuthan, the head of ECRI.