Inflation data shows US prices were still uncomfortably high last month
New inflation data shows that US prices were still uncomfortably high last month , despite aggressive action from the Federal Reserve to rein in decades-high inflation.The Personal Consumption Expenditures Index, which measures prices paid by consumers for goods and services, climbed by 6.2% for the year ending in September . That’s unchanged from August , according to the Department of Commerce.
On a month -to- month basis, prices rose by 0.3% from August levels .
The “core” PCE index, which strips out volatile food and energy prices , climbed by 5.1% on an annual basis, which is lower than consensus estimates of 5.2% but higher than the August rate of 4.9%.From August to September , the core index rose by 0.5%, matching estimates . The prior month ’s jump was revised down to 0.5% from 0.6%.The latest PCE numbers come just days before the Fed meets to discuss another rate hike — and as Americans hit the polls to vote in midterm elections .
This story is developing and will be updated.
New inflation data shows that US prices were still uncomfortably high last month, despite aggressive action from the Federal Reserve to rein in decades-high inflation.
On a month-to-month basis, prices rose by 0.3% from August levels.
From August to September, the core index rose by 0.5%, matching estimates.
