U.S. inflationary pressures were lower in May as the U.S. future inflation gauge fell to 98.9 from an upwardly revised 101.8 in April, according to data released Friday by the Economic Cycle Research Institute.

The April index was originally reported as 100.8.

The smoothed annualized growth rate, a comparison of the latest figures to the preceding year’s average level, slumped to 12.5% from a downwardly revised 23.4%, originally reported as 21.2%. ECRI said a plunge in commodity price inflation pulled the index down.

“With the USFIG falling to a five-month low, underlying inflation pressures appear to be ebbing,” ECRI said in a release.

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