The monthly rate of the US core CPI cooled down for the first time in 6 months, indicating that price pressure is gradually weakening and supports the Federal Reserve's intention to maintain high interest rates for a longer period of time. Economists believe that the core indicator reflects potential inflation better than the overall CPI. According to data from the US Bureau of Labor Statistics, the overall CPI rose 0.3% from the previous month and 3.4% from the same period last year. Housing and gasoline spending accounted for more than 70% of this increase, the Bureau of Labor Statistics said in its report. While these data may give the Federal Reserve some hope that inflation is returning to a downward trend, officials would like to see more data to gain the confidence they need to begin considering cutting interest rates. Federal Reserve Chairman Powell said yesterday that the Federal Reserve will “need to be patient to let restrictive policies work,” and some policy makers don't expect interest rates to be cut at all this year.