Fed's preferred inflation gauge eases in September
By Michele Maatouk
Date: Friday 27 Oct 2023
(Sharecast News) - The US Federal Reserve's preferred inflation gauge eased in September, according to figures released on Friday by the Commerce Department.
The core personal consumption expenditure (PCE) price index - which excludes food and energy - was up 3.7% on an annual basis, down from 3.8% a month earlier. This was in line with expectations.
Oxford Economics said the decline "reflects the stickiness of core services inflation, which is still too strong to be consistent with inflation falling back to the Fed's 2% target".
On the month, the core PCE index rose 0.3%, up from from 0.1% in August, coming in as expected.
Meanwhile, the headline PCE price index was flat on the year at 3.4%, also in line with expectations.
Data also showed that consumer spending jumped 0.7% in September, following a 0.4% increase in August. Analysts were expecting a 0.5% jump.
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