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

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

10/31/2024 - 08:46:00 (RTTNews)

(RTTNews) - The Commerce Department on Thursday released its report on U.S. personal income and spending in the month of September, which includes the Federal Reserve's preferred readings on consumer price inflation.

The report said the personal consumption expenditures (PCE) price index rose by 0.2 percent in September after inching up by 0.1 percent in August. The modest increase matched economist estimates.

The annual rate of growth by the PCE price index slowed to 2.1 percent in September from 2.3 percent in August, which was also in line with expectations.

The Commerce Department also said the core PCE price index, which excludes food and energy prices, climbed by 0.3 percent in September after rising by 0.2 percent in August. The increase was also in line with estimates.

Meanwhile, the annual rate of growth by the core PCE price index in September was unchanged from the previous month at 2.7 percent, while economists had expected the pace of growth to slow to 2.6 percent.

The report also said personal income increased by 0.3 percent in September after rising by 0.2 percent in August. The growth matched economist estimates.

Personal spending grew by 0.5 percent in September after climbing by 0.3 percent in August. Spending was expected to rise by 0.4 percent.

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