Consumer prices in the U.S. crept slightly higher in the month of April, according to a closely watched report released by the Commerce Department on Friday.
The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in April after coming in unchanged in March. The uptick matched economist estimates.
The report also said the annual rate of growth by the PCE price index slowed to 2.1 percent in April from 2.3 percent in March. Economists had expected growth to slow to 2.2 percent.
Excluding prices for food and energy, the core PCE price index still crept up by 0.1 percent in April following a revised 0.1 percent uptick in March. The modest increase came in line with expectations.
The annual rate of growth by the core PCE price index slowed to 2.5 percent in April from 2.7 percent in March, matching economist estimates.
The Federal Reserve’s preferred readings on consumer price inflation were included in the Commerce Department’s report on personal income and spending.
The Commerce Department said personal income increased by 0.8 percent in April after climbing by 0.7 percent in March, while personal spending rose by 0.2 percent in April after rising by 0.7 percent in March.
At 9:45 am ET, MNI Indicators is due to release its report on Chicago-area business activity in the month of May. The Chicago business barometer is expected to inch up to 45.0 in May from 44.6 in April, but a reading below 50 would still indicate contraction.
The University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of May at 10 am ET. The consumer sentiment index for May is expected to be upwardly revised to 51.0 from 50.8.
At 12:20 pm ET, Atlanta Federal Reserve President Raphael Bostic is due to deliver welcome remarks before the Council for Economic Education’s 2025 National Economics Challenge.
San Francisco Federal Reserve President Mary Daly is scheduled to participate in a panel before the Reagan National Economic Forum at 4:45 pm ET.
At 7:30 pm ET, Chicago Federal Reserve President Austan Goolsbee is due to participate in a moderated Q&A before “The Interview Show with Mark Bazer.”