Federal Reserve’s preferred measure of inflation sees marginal acceleration in August
In August, the Federal Reserve’s preferred inflation gauge, the personal consumption expenditures (PCE) price index, rose 2.7% from a year earlier, slightly higher than July’s 2.6% increase. Core PCE inflation, excluding food and energy prices, also showed a 2.9% rise, in line with expectations. Consumer spending increased by 0.4% from July, driven by a 0.7% rise in spending on goods. Incomes also rose by 0.4%, with self-employed and business owners seeing a 0.9% increase. Despite recent rate reductions by the Fed to help the job market, inflation remains above the 2% target. President Trump has been pressuring the Fed to cut rates further, leading to tensions with Fed Chair Jerome Powell.
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