Consumer prices in the United States moved higher in July, aligning with economist projections, according to figures released Friday by the Commerce Department.
The department reported that its personal consumption expenditures (PCE) price index increased 0.2% in July, following a 0.3% gain in June. The result was consistent with market expectations.
On a yearly basis, the PCE price index grew 2.6%, unchanged from the pace seen in June and right in line with estimates.
Stripping out the more volatile food and energy components, the core PCE price index advanced 0.3% in July, mirroring both June’s rise and forecasts.
The core index’s annual growth rate edged up slightly to 2.9% from 2.8% the prior month, a modest acceleration that also matched predictions.
The inflation measures, which are closely watched by the Federal Reserve, were released as part of the Commerce Department’s report on income and outlays.
The same report showed personal income climbing 0.4% in July after a 0.3% increase in June, while consumer spending rose 0.5% in July following a 0.4% gain the month before.
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