US: PCE inflation up 3.7 per cent year-on-year in July, above forecasts

(Il Sole 24 Ore Radiocor) - The PCE (personal consumption expenditures price index) figure, the Federal Reserve’s preferred measure of inflation, rose by 0.2 per cent in July compared with the previous month, against expectations of +0.1 per cent. Compared with a year earlier, it rose by 3.7 per cent, again exceeding expectations (+3.6 per cent) and in line with the previous month. The ‘core’ component of the index, adjusted for volatile items, rose by 0.2 per cent month-on-month, as expected, and by 3.3 per cent year-on-year, in line with expectations and with the previous month. The PCE figure is included in the data released by the Department of Commerce on personal income and consumer spending.

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