A closely watched indicator of inflation posted a second consecutive week-to-week decline but remained ahead of its one-year average for the 21st consecutive week.
The Journal of Commerce-Economic Cycle Research Institute index registered 126.5332 for the week ended April 26, down four-tenths of a point from 126.9319 last week.
The index's growth rate, which compares the latest week's index with its average over the previous 52 weeks, was 6.4312 percent. The growth rate has been in positive territory since Dec. 7.
The index, compiled by the Economic Cycle Research Institute, is based on prices of a broad assortment of raw materials used in industrial production. Since its creation in the mid-1980s the IPI has been a leading indicator of industrial production and inflation rates.