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U.S. PCE Price Index Inches Higher In June, Annual Growth Slows To 2.5%
(RTTNews) - Consumer prices in the U.S. crept up in line with economist estimates in the month of June, according to a highly anticipated report released by the Commerce Department on Friday.
The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.
The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.
Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.
The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.
The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.
The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.
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