 Inflation cooled last month. The PCE, Personal Consumption Expenditures Index, was flat in May. Core PCE, excluding food and energy, rose just one-tenth of a percent. For the year ending in May, both the PCE and core PCE were up 2.6%. The core reading is considered a better prediction of future inflation. The numbers indicate there's progress on inflation, but it's still not down to the Federal Reserve's goal of 2%.