U.S. September PCE Price Index Up 3.6% Year Over Year... Slightly Below Forecast
The U.S. Department of Commerce said on October 29 local time that the U.S. Personal Consumption Expenditures (PCE) price index rose 3.6% in September from a year earlier.
This was slightly below the 3.7% increase forecast by economists surveyed by Dow Jones. The PCE price index rose 0.5% from the previous month, in line with economists' expectations.
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The PCE is the measure officially preferred by the U.S. Federal Reserve (Fed) as a benchmark for monetary policy and its price stability goal. Unlike the Consumer Price Index (CPI), which includes only expenses paid directly by consumers, the PCE also includes expenses paid on their behalf by the government, such as health insurance premiums.
The core PCE price index, which excludes energy and food, rose 3.1% year over year and 0.3% month over month in September, in line with economists' forecasts.
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