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Financial News: U.S. Consumer Prices Increase In Line With Estimates

U.S. Consumer Prices Increase In Line With Estimates In April

05/31/2024 - 08:41:00 (RTTNews)

(RTTNews) - A highly anticipated report released by the Commerce Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of April, although core consumer prices edged up by slightly less than expected.

The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent for the third straight month in April, matching economist estimates.

Meanwhile, the report said the core PCE price index, which excludes food and energy prices, crept up by 0.2 percent in April after rising by 0.3 percent in March. Economists had expected another 0.3 percent increase.

The annual rates of growth by the PCE price index and the core PCE price index were both unchanged from the previous month at 2.7 percent and 2.8 percent, respectively. The readings matched expectations.

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending in February.

The report said personal income rose by 0.3 percent in April after climbing by 0.5 percent in March. The increase came in line with economist estimates.

At the same time, the Commerce Department said personal spending edged up by 0.2 percent in April after advancing by 0.7 percent in March. Economists had expected spending to rise by 0.3 percent.

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