U.S. consumer prices rose in February broadly in line with expectations, according to new data published Thursday by the Commerce Department.
The personal consumption expenditures (PCE) price index increased 0.4% during the month, following a 0.3% rise in January. The reading matched economists’ forecasts.
On a yearly basis, the PCE price index held steady at 2.8%, also in line with market expectations.
When excluding volatile food and energy costs, the core PCE price index also advanced 0.4% in February, the same pace recorded in January and consistent with analysts’ estimates.
The annual increase in the core PCE index eased slightly to 3.0% from 3.1% in January, a modest slowdown that economists had anticipated.
The figures, which represent the Federal Reserve’s preferred measure of consumer inflation, were released as part of the Commerce Department’s monthly report on personal income and spending.
The report also indicated that personal income slipped 0.1% in February after rising 0.4% the previous month. Meanwhile, personal spending climbed 0.5% in February following a 0.3% increase in January.