An inflation gauge tracked closely by the Federal Reserve showed the pace of price increases slowed again last month, the Commerce Department says
The Personal Consumption Expenditures price index rose 3% for the 12 months ended in June, a cooldown from the 3.8% rate posted in May. When stripping out energy and food prices, the core PCE index showed prices increased 4.1% in June from the year before. Economists were expecting the core index to increase 4.2% on an annual basis. In May, the core PCE rose 4.6% annually. On a monthly basis, the headline and core indexes both rose 0.2%.
When adjusting for inflation, spending increased 0.4%, driven by a surge in goods-related purchases, specifically of new trucks and recreational products and vehicles, according to the report. The PCE indexes are part of the Personal Income and Outlays report, which provides a more comprehensive look at shifts in prices, including how consumers respond to them and how much consumers are spending, bringing in and saving.
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