PCE price index Mar - Consumption growth hits 1-year high
2024-04-26
Summary:
The Core PCE price index rose 2.8% in February year-over-year, matching expectations. Goods prices increased more than services, driving inflation.
PCE price index Mar
26/4/2024 (Fri)
Previous: 2.8% Forecast: 2.7%
Core PCE price index increased 2.8% in February from a year earlier, in line with expectations. The monthly rise in the price of goods outpaced that in the price of services which was the main driver of inflation.
Although recent economic data has pointed to a slowdown in consumer spending, the PCE data showed the opposite effect. Consumption accelerated by 0.8% last month, the fastest in over a year.
Central bankers including Powell have signalled that achieving 2% inflation will be a bumpy path. Investors anticipate the first rate hike will come in July.
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