Price pressures continue to lessen in June, according to a report released Friday by the Economic Cycle Research Institute.

The ECRI U.S. future inflation gauge fell to 103.3 last month from 103.7 in May and 105.5 in April. The gauge is designed to measure the economy's underlying price pressures and predict turning points in the U.S. inflation cycle.

"With the [index] falling further to a seven-month low, U.S. inflation pressures have clearly waned," says Lakshman Achuthan, ECRI director.