Inflation ticked up to 3.3% in July in Fed’s preferred gauge
by Zachary Halaschak, Economics Reporter
August 31, 2023 08:32 AM
Inflation ticked up to a 3.3% annual rate in July, as measured by the gauge favored by the Federal Reserve.
The increase in the personal consumption expenditures price index reported Thursday morning by the Bureau of Economic Analysis tracks other readings that show inflation increased slightly last month amid the Fed’s campaign to slow it by hiking interest rates.
The latest report shows inflation is still above the central bank’s goal of 2% annual price growth, a bit of bad news for the economy and the Biden administration, which has recently touted other positive economic developments as proof that the “Bidenomics” agenda is working.
Core PCE inflation, a measure of inflation that strips out energy and food prices and is generally less volatile, rose a tenth of a percentage point to a too-high 4.2% year-over-year rate.
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https://www.washingtonexaminer.com/policy/economy/inflation-ticked-up-to-3-3-in-july-in-feds-preferred-gauge