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Financial News: U.S. PCE Price Index Unchanged In May, In

U.S. PCE Price Index Unchanged In May, In Line With Estimates

06/28/2024 - 08:41:00 (RTTNews)

(RTTNews) - The Commerce Department released closely watched consumer price inflation data on Friday, with the readings for the month of May coming in line with economist estimates.

The report said the personal consumption expenditures (PCE) price index came in unchanged in May after rising by 0.3 percent in April. The unchanged reading matched expectations.

The core PCE price index, which excludes food and energy prices, inched up by 0.1 percent in May after climbing by an upwardly revised 0.3 percent in April.

Economists had expected the core PCE price index to tick up by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.

The Commerce Department said the annual rates of growth by the PCE price index and the core PCE price index both slowed to 2.6 percent from 2.7 percent and 2.8 percent, respectively. The slowdowns also matched estimates.

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.

The report showed personal income climbed by slightly more than expected, while personal spending rose by slightly less than expected.

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