Inflation gauge favored by Fed showed price growth picked up in December
The Federal Reserve's preferred inflation gauge, known as the personal consumption expenditures index, rose in December in line with economists' expectations.
The Federal Reserve's preferred inflation gauge showed prices rose as expected in December, and it remains above the central bank's target level amid its ongoing efforts to wrestle down inflation.
The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index was up 0.3% from the prior month and 2.6% on an annual basis. Those figures were in line with the estimates of economists polled by LSEG.
Core PCE, which excludes volatile food and energy prices, rose 0.2% for the month and increased 2.8% from a year ago, in line with estimates.
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