Data released by the U.S. Commerce Department on Friday (30th) showed that the core personal consumption expenditures (PCE) price index, which excludes food and energy prices, an inflation measure that the Federal Reserve focuses on, rose 4.9% year-on-year in August, higher than the market The expected 4.7% increase was the largest increase since April this year, and the monthly growth was 0.6%, which was also higher than the expected 0.5%.
The US PCE increased by 6.2% in August, higher than the expected 6%, the previous value was revised up to 6.4%, and the monthly growth rate was 0.3%, which was higher than the expected 0.1%, and the previous value was -0.1%. At the same time, the US Personal spending rose 0.4% in August, above expectations. 02%.
Under the Fed’s aggressive rate hike pace, the August PCE report was mixed. The overall PCE annual growth rate slowed for the second consecutive month, but the core index unexpectedly accelerated and intensified inflation concerns.
The slowdown in PCE’s annual increase in August was mainly due to the decline in energy prices. In August, commodity prices fell by 0.3% compared with July, food prices rose by 0.8%, and energy prices fell by 5.5%; compared with the same period last year, commodity prices rose in August. 8.6%, service prices rose 5%, food prices rose 12.4%, and energy prices rose 24.7%.
Other data released on the same day showed labor costs continued to grow and personal consumption expenditures began to slow. US personal income rose 0.3% in August, expected 0.3%, before the revised value of 0.3%; personal consumption expenditures increased 0.4%, expected 0.2%, before the revised value of -0.2%. After adjusting for inflation, real personal spending rose 0.1% in August, exceeding 0.1%, and the previous value was revised down to -0.2%. That meant personal savings was little changed for the month and remained above record lows after the Lehman crisis.
