The Fed’s favorite inflation measure rose 4.9% in April in a sign that price increases could be slowing

The Federal Reserve’s preferred inflation gauge rose 4.9% in April from a year ago, a still-elevated level that nonetheless indicated that price pressures could be easing a bit, the Commerce Department reported Friday.

That increase in the core personal consumption expenditures price index was in line with expectations and reflected a slowing pace from the 5.2% reported in March. The number excludes volatile food and energy prices that have been a major contributor to inflation running around a 40-year peak.

The 0.3% increase on a monthly basis was the same as March and in line with Dow Jones estimates. The monthly gain was held back by a decline in energy prices during April that has…