(Corrects third paragraph June 1958 reading to 79.3, instead of 85.3)
NEW YORK, April 3 (Reuters) - U.S. inflation pressures fell again in March to a new 50-year low, indicating continued declines in consumer prices, a research group said on Friday.
The Economic Cycle Research Institute's U.S. Future Inflation Gauge (USFIG), designed to anticipate cyclical swings in the rate of inflation, slipped to 79.3 in March from 81.0 in February, revised higher from 80.9.
The reading was the lowest since June 1958, when it stood at 79.3.
"The USFIG is now at a new 50-year low and remains in a clear cyclical downswing, asserting that inflation is still a non-issue," said Lakshman Achuthan, managing director at ECRI.
The gauge slid lower due to weaker labor market conditions and higher interest rates. That was partly offset by positive contributions from higher commodity prices, Achuthan said.
Still, the USFIG annualized growth rate, which smooths out monthly fluctuations, edged higher in March to minus 35.9 percent from minus 36.7 percent in February. (Reporting by Camille Drummond; Editing by Theodore d'Afflisio)