Summary:
The October PCE price index rose 2.3% YoY, as expected. Excluding food and energy, core inflation climbed 2.8% compared to last year.
PCE price index Nov
20/12/2024 (Fri)
Previous: 2.8% Forecast: 2.9%
The October PCE price Index increased in line with expectations, up 2.3% from year-ago levels. When food and energy costs are factored out, the measure of inflation increased 2.8% from one year ago.
Services prices generated most of the inflation for the month, rising 0.4%, while goods fell 0.1%. The personal saving rate slipped to 4.4%, reaching the lowest level since January 2023.
Despite disinflation over the past two years, the cumulative effects of inflation have hit consumers hard, particularly on the lower end of the wage scale.
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