Fed's Favorite Inflation Gauge Rises by 3.7% In July, Topping Estimates (UPDATED)
Headline PCE rose by 3.7% year-over-year in July, topping forecasts of 3.6%. The annual core rate held steady at 3.3%.
A measure that the Federal Reserve watches closely showed prices rose a bit faster than people expected in July, at 3.7% instead of 3.6%. This means things are still getting more expensive, which could affect how the Fed decides to manage money in the economy.
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Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.
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