An inflation index that is closely monitored by the Federal Reserve tumbled in May to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.

WASHINGTON — The U.S. economy grew at a strong 4.2% annual rate in the April-June quarter, the best showing in nearly four years, as growth stayed on track to produce its strongest gain in more than a decade. Strength in business investment offset slightly slower consumer spending.

Americans’ expectations about the economy deteriorated in July to an eight-month low as fewer households viewed conditions as improving, according to figures from the Bloomberg Consumer Comfort Index released July 20.

Commerce Department data showed an unexpected decline in U.S. orders for business equipment.