The latest government data showed that the US PCE inflation came in at 2.5% in July, unchanged from the previous month’s figure and down from the market expectations. The global financial market was eagerly waiting for the data, as it is set to influence the US Fed’s rate cut decisions. Notably, this is the preferred metric considered by the central bank to gauge inflationary pressure in the nation.
US PCE Inflation Cools To 2.5%
According to the Commerce Department report, the latest US PCE data showed that the inflation came in at 0.2% in July, up from the 0.1% rise noted in the prior month. On a year-over-year (YoY) basis, the inflation came in at 2.5%, down from the Wall Street estimates of 2.6%, fueling market optimism.
Simultaneously, the Core PCE index, which excludes the food and energy prices, showed that it also rose 0.2%, showing no change from the June figures. On the other hand, the Core PCE, on a YoY basis, showed that the inflation stood at 2.6%, unchanged from June’s figures and down from the market estimates of 2.7%.
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