U.S. PCE Price Index Up 3.7% Year-on-Year Last Month... In Line with Expectations
The U.S. Department of Commerce announced on July 30 (local time) that last month's Personal Consumption Expenditures (PCE) price index rose 3.7% year-on-year. Compared to the previous month, it fell by 0.1%.
Products are displayed at Walmart in California, USA. Photo by Reuters Yonhap News Agency
View original imageThe core PCE price index, which excludes energy and food, increased by 3.3% year-on-year and by 0.1% compared to the previous month.
The growth rate of the PCE price index was generally in line with the expectations compiled by Dow Jones. However, only the month-over-month increase in the core PCE price index came in lower than the expected 0.2%.
The PCE price index had been increasing since February, driven by higher oil prices due to the U.S.-Iran war, but now seems to have fallen recently due to the drop in oil prices.
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The PCE price index is a measure reflecting the prices of goods and services consumed by households and is considered a key indicator for the Federal Reserve's monetary policy goal of a 2% inflation rate.
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