The Commerce Department reported Friday that consumer prices in the U.S. increased in August, matching economist forecasts.
The personal consumption expenditures (PCE) price index advanced 0.3% last month, following a 0.2% increase in July, aligning with market expectations.
The annual growth rate of the PCE price index edged up to 2.7% in August from 2.6% in July, also consistent with projections.
Excluding volatile food and energy components, the core PCE price index climbed 0.2% in August, in line with the revised 0.2% gain in July and market expectations.
On an annual basis, the core PCE rose 2.9% in August, unchanged from July and in line with forecasts.
The report, which covers personal income and spending, includes the Federal Reserve’s preferred measure of consumer price inflation.
Personal income increased 0.4% in August, matching July’s rise, while personal spending advanced 0.6% after a 0.5% gain the previous month.
“Personal income climbed by 0.4 percent in August, matching the increase seen in July, while personal spending grew by 0.6 percent in August after rising by 0.5 percent in July,” the report noted.
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