July PCE Price Index Shows Steady Decline in Prices
2024-08-30
Summary:
An important Fed gauge showed June inflation eased slightly from last year, paving the way for a widely expected September rate cut.
PCE Price Index Jul
30/8/2024 (Fri)
Previous: 2.6% Forecast: 2.7%
An important gauge for the Fed showed inflation eased slightly from a year ago in June, helping to open the way for a widely anticipated September interest rate cut.
PCE price index increased 0.1% on the month and was up 2.5% from a year ago, in line with Dow Jones estimates. As spending held relatively strong, the savings rate hit its lowest level since November 2022.
The indicator has been fluctuating this year. It showed a resurgence in inflation earlier but lately has displayed a gradual cooling partly due to lower energy costs.
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