10/29/2022
US Core Inflation Accelerates as Price Pressures Percolate
“A key measure of inflation in the United States that is closely monitored by the Federal Reserve accelerated once again in September, as the price of goods and services rose upward,
The Personal Consumption Expenditures (PCE) Index showed that core prices, excluding the volatile food and energy prices, rose 0.5 percent from the previous month, up 5.1 percent on an annual basis, according to new data from the Bureau of Economic Analysis (BEA) on Oct. 28.
Total consumer prices overall increased 0.3 percent.
The government report, which has been released less than two weeks before the midterm elections, poses a troubling sign for the Biden administration.
American consumer spending remained resilient, but strong price pressures and solid demand will likely encourage the Federal Reserve to make another large interest-rate hike next week, as inflation remains well above its 2 percent target.”
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