U.S. Core Inflation Posts 2.9 Percent Increase in July
(MENAFN) The Bureau of Economic Analysis (BEA) disclosed Friday that America's core personal consumption expenditures price index—which strips out volatile food and energy costs—surged 2.9 percent annually in July, marking the steepest climb since February.
Monthly core inflation accelerated 0.3 percent from June's reading, matching analyst projections on Wall Street.
Given the index's more moderate trajectory than anticipated, Federal Reserve officials may proceed with interest rate reductions come September, domestic news outlets indicated.
The BEA defines the PCE price index—a critical inflation barometer for the U.S. economy—as tracking the costs that American residents, or entities purchasing for them, face when acquiring goods and services.
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