The personal consumption expenditure price index in the US increased 0.2% month-over-month in October 2024, the same as in September and in line with expectations.
Service prices rose by 0.4%, while goods prices decreased 0.1%. The core PCE index, excluding food and energy, rose 0.3%, also the same as in the previous month, as expected. Food prices were unchanged and energy prices decreased 0.1%. Annually, the PCE inflation rate edged higher to 2.3% from 2021-lows of 2.1%. The core rate rose to 2.8% from 2.7%.
These increases in annual rates are influenced by base effects from the previous year, although the broader trend of slowing disinflation is expected to persist. The Federal Reserve revised its economic projections in September, lowering annual PCE and core PCE inflation estimates to 2.3% and 2.6%, respectively, from 2.6% and 2.8% in June.
Source : Trading Economics
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