By Lars Mucklejohn The US Federal Reserve’s preferred measure of inflation is expected to show its coolest monthly reading since late 2023, offering hope that policymakers could start lowering interest rates in September. Economists forecast the personal consumption expenditures price index for May, due to be published on Friday, to record no monthly change, while the core measure, stripping out food and energy to provide better picture of underlying inflation, is expected to see a 0.1 per cent gain. Although both the overall and core measures are expected to 2.6 per cent annual advances in bo…