SMM, July 30: the personal Consumer Price Index (PCE) rose 1.4% in June from a year earlier, slightly below expectations of 1.5%, according to figures released by the Commerce Department on Tuesday. The PCE price index covers a wider range than the CPI and is a more attractive inflation indicator for the Fed.
According to the data, the US PCE price index in June was 1.4 per cent from a year earlier, expected to be 1.5 per cent, compared with the previous value of 1.5 per cent; the US core PCE price index rose 1.6 per cent in June from a year earlier, expected to be 1.7 per cent, compared with the previous value of 1.6 per cent.
PCE Price Index of the United States
The core PCE price index is one of the most important key indicators for the Fed to raise interest rates, and inflation is further away from the Fed's target of 2 per cent, raising expectations of the Fed's upcoming rate cut.
Data released over the same period also showed that personal spending in the United States in June was 0.3 percent, expected to be 0.3 percent, with a previous value of 0.4 percent, and personal income in the United States in June was 0.4 percent, expected to be 0.3 percent, with a previous value of 0.5 percent.
The Commerce Department said personal spending rose at its slowest monthly rate in four months in June, but personal income and savings rose. The Commerce Department said the decline in car purchases was offset by an increase in spending on services and other goods; the increase in consumer spending in June was mainly supported by an increase in personal income, which rose similarly in May. In addition, the growth in consumer spending partly offset the impact of exports, inventory growth and weak business investment on GDP.
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