Fed's Preferred Inflation Gauge PCE Index Up 5% In December Vs 6.8% Six Months Ago

Fed's Preferred Inflation Gauge PCE Index Up 5% in December vs 6.8% Six Months Ago

A US inflation indicator closely followed by the Federal Reserve grew 5% in the year to December, down measurably from an annual expansion of 6.8% in June, showing the central bank's gains in its use of high interest rates to fight runaway inflation

WASHINGTON (Pakistan Point News / Sputnik - 27th January, 2023) A US inflation indicator closely followed by the Federal Reserve grew 5% in the year to December, down measurably from an annual expansion of 6.8% in June, showing the central bank's gains in its use of high interest rates to fight runaway inflation.

Without volatile food and energy prices, the Personal Consumption Expenditures (PCE) Price Index was up 4.4% during the 12 months to December versus 4.8% in the year to June, the data from the Commerce Department showed.