A key measure of US inflation slowed in August, retreating from six-year highs recorded earlier in the summer but still hovering at the central bank's target, the government reported Friday.

The respite from sustained price pressures follows the Federal Reserve's decision this week to raise interest rates, tightening monetary policy to prevent inflation that policymakers expect to rise into next year.

Meanwhile, the Commerce Department report also showed a pause in consumer spending in August, dampening momentum a little at the end of the second quarter.

The Federal Reserve's preferred inflation measure, the Personal Consumption Expenditures price index, rose 2.2 percent in August, down from the 2.3 percent recorded for May, June and July.

The PCE index in May and June were both revised upwards by a tenth of a point. The index tracks costs in goods and services purchased by individuals.

Excluding the volatile food and fuel segments, core PCE prices rose only two percent over August of 2017, slower than in July but right at the Fed's target rate, the report found.

That important indicator, which the Fed watches closely, has held right on target for four months in a row.