US annual PCE rate slows in November
By Iain Gilbert
Date: Friday 22 Dec 2023
(Sharecast News) - Annual US personal consumption expenditure inflation slowed in November, hitting its lowest level since February 2021.
According to the Bureau of Economic Analysis, PCE slowed to 2.6% in November, down from a downwardly revised 2.9% print in the previous month and below consensus estimates for a reading of 2.8%.
On a monthly basis, personal consumption expenditure fell 0.1% for the first decline since July 2022 and compared to October's flat reading.
Meanwhile, monthly core PCE inflation which strips out volatile food and energy costs, the Federal Reserve's preferred inflation measure, was little changed at 0.1% after a downwardly revised reading in October.
Finally, the annual core inflation rate slowed to 3.2% from 3.4%, a fresh low since mid-2021 and giving hope that inflationary pressures have continued to moderate.
Reporting by Iain Gilbert at Sharecast.com
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