U.S. Annual Consumer Price Growth In Line With Estimates In September

RTTNews | 691 dni temu

(RTTNews) - The Commerce Department on Friday released its monthly report on personal income and spending, which includes readings on inflation said to be preferred by the Federal Reserve.

The Commerce Department said its reading on consumer prices rose by 0.4 percent in September, matching the increase in August. Economists had expected prices to rise by 0.3 percent.

Excluding food and energy prices, core consumer prices increased by 0.3 percent in September after inching up by 0.1 percent in the previous month. The core price growth matched economist estimates.

The annual rate of consumer price growth was unchanged at 3.4 percent, while the annual rate of core consumer price growth slipped to 3.7 percent in September from 3.8 percent in August. Both year-over-year readings matched expectations.

"Although consumer prices rose faster than expected from a month ago, core inflation continues to lose speed and this report will not likely change the Fed's view that inflation will slow in the coming months as demand slows," said Jeffrey Roach, Chief Economist for LPL Financial.

He added, "Eventually, spending will moderate after several months of consumers spending more than they earn."

The Commerce Department also said personal income rose by 0.3 percent in September after climbing by 0.4 percent in August. Economists had expected income to advance by another 0.4 percent.

Disposable personal income, or personal income less personal current taxes, also rose by 0.3 percent in September, matching the increase in August.

Meanwhile, the report said personal spending increased by 0.7 percent in September after rising by 0.4 percent in August. Spending was expected to climb by 0.5 percent.

Real personal spending, which excludes price changes, rose by 0.4 percent in September after inching up by 0.1 percent in August.

With spending rising by more than income, personal saving as a percentage of disposable personal income tumbled to 3.4 percent in September from 4.0 percent in August.

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