US: Pce inflation +0.3% in January, as estimated, annual +2.8%, below estimates

The Pce (personal consumption expenditures price index), the Federal Reserve's preferred measure of inflation, rose 0.3% in January from the previous month, in line with expectations. Compared to a year earlier, it rose 2.8 per cent, against expectations for a confirmation of 2.9 per cent in the previous month. The 'core' component of the figure, stripped of volatile elements, grew by 0.4% month-on-month, in line with expectations, and by 3.1% year-on-year, in line with expectations. The Pce value is contained in the figure released by the Commerce Department on personal income and consumer spending.