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2023-10-27

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US Core PCE Inflation Rose 3.7% Y/Y in September, in Line With Expectation

Inflation accelerated in September but consumer spending was even stronger than expected, according to a Commerce Department report Friday.The core personal consumption expenditures price index, which

US Core PCE Inflation Rose 3.7% Y/Y in September, in Line With Expectation

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Personal income rose 0.3%, one-tenth of a percentage point below the estimate.</p><p style=\"text-align: start;\">Including volatile food and energy prices, the PCE index increased 0.4%. On a year-over-year basis, core PCE increased 3.7%, one-tenth lower than August, while headline PCE was up 3.4%, the same as the prior month.</p><p style=\"text-align: start;\">The Fed focuses more on core inflation on the belief that it provides a better snapshot of where prices are headed over the longer term. Core PCE peaked around 5.6% in early 2022 and has been on a mostly downward trek since then, though it is still well above the Fed’s 2% annual target. 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