Some more good news. Are people starting to hear it? The Federal Reserve’s go-to inflation gauge held at 2.5% in July, Commerce Department data showed Friday. That’s better than anticipated and shows progress — but still underscores the bumpy process for inflation’s descent. Friday’s report also reaffirmed that the backbone of the US economy — the consumer — is still holding strong, although their piggy banks are getting lighter. Spending was up by 0.5%, or 0.4% when adjusted for inflation, landing above expectations for the month when car dealerships were back in gear after a massive software outage in June and when Amazon puts on its annual Prime Day sales event. The Personal Consumption Expenditures price index, which the Fed uses for its 2% target rate, was 2.5% for the year ended in July, unchanged from June. On a monthly basis, prices increased 0.2% versus 0.1% the prior month. The latest inflation reading, which served as further confirmation that the pace of price hikes is sustainably cooling, comes just weeks before the Fed is expected to start easing monetary policy and cutting interest rates. “I thought the report was right down the strike zone,” Mark Zandi, chief economist at Moody’s Analytics, told CNN in an interview Friday. “Bottom line, it indicates that inflation continues to moderate and is within spitting distance of the [Fed’s] target.” The core PCE index, a closely watched measure of underlying inflation that strips out the more volatile components of food and energy, held steady as well by rising…