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U.S. FIG Pulls Back

U.S. inflation pressures pulled back in May,..., a report said on Friday.

"The USFIG has just dropped to a ten-month low. If this decline continues, U.S. inflation is likely to enter a cyclical downtrend," Lakshman Achuthan, managing director of ECRI, said in a statement.

The Economic Cycle Research Institute's Future Inflation Gauge, which is designed to anticipate cyclical swings in the rate of inflation, fell to 117.1 in May from a downwardly revised 119.5 in April, the research group said.

The index's annualized growth rate, which smoothes out monthly fluctuations, fell steeply to -1.8 percent from 2.3 percent in April.
"Looking back at the three year history there isn't typically a move of one and half points," Achuthan said.

"In that sense, it is notable and kind of contrary to some concerns about there being an overheating of the economy in some areas."