US ECRI's future inflation gauge fell to 112.4 in January from the revised December index of 114.5 (1992=100), the Economic Cycle Research Institute (ECRI) reported Friday. The smoothed annual growth rate in the index fell to -12.3% in January from -10.0% in December. "The gauge was pulled down in January by slower growth in real estate loans, a drop in the percentage of purchasing managers reporting slower deliveries, and the return of the yield spread to positive territory," said ECRI.