Inflation fell to 3% in October in Fed’s preferred gauge

[mystery-ak]

Inflation fell to 3% in October in Fed’s preferred gauge
by Zachary Halaschak, Economics Reporter
November 30, 2023 08:34 AM

Inflation cooled to a 3% annual rate in October, as measured by the gauge favored by the Federal Reserve, declining 0.4 percentage points from the previous reading.

The slowdown in the personal consumption expenditures price index reported Thursday morning by the Bureau of Economic Analysis is some good news as the Fed works to vanquish inflation by hiking interest rates. The consensus among economists was that PCE inflation would fall to 3.1%.

Still, inflation is running above the Fed’s goal of 2% annual price growth. But the report shows progress is being made and is also a welcome development for the Biden administration, which has worked to tout positive economic developments, such as low unemployment and strong economic growth, as evidence that the “Bidenomics” agenda is working.

Core PCE inflation, a measure of inflation that strips out volatile energy and food prices, fell to a 3.5% year-over-year rate.

While PCE is the Fed’s preferred inflation gauge, the more commonly cited headline number is the consumer price index. Inflation was clocking in at 3.2% in October in the CPI.

more
https://www.washingtonexaminer.com/policy/economy/inflation-fell-to-3-in-october-in-feds-preferred-gauge

[mystery-ak]

This Is Exactly How Much Inflation Has Cost Average Americans Under Biden

Will Kessler
Contributor
November 29, 2023 11:03 AM ET


Just to maintain the same standard of living that Americans had at the beginning of President Joe Biden’s term, households have to spend an additional $11,434 per year, according to CBS News.

Since January 2021, when Biden first took office, inflation has risen 17%, far outpacing the 2% per year that the Federal Reserve aims for, while average hourly wages have only increased 13.6%, according to the Congressional Joint Economic Committee’s (JEC) state inflation tracker. As a result, more Americans reported that they are struggling financially than they did before the COVID-19 pandemic as persistent inflation continues to take its toll, according to CBS News.

“Food costs and basic costs are up more than other costs,” Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity, told CBS News. “Putting on a Thanksgiving dinner costs the same if you’re a lower- or upper-income American, but for a lower-income American it’s a bigger portion of your spending.”

Inflation peaked at 9.1% year-over-year in June 2022, remaining elevated but decelerating to 3.2% in October. In an attempt to quell inflation, the Fed raised its federal funds rate to a range of 5.25% and 5.50%, the highest point in 22 years, after 11 rate hikes since March 2022.

more
https://dailycaller.com/2023/11/29/how-much-inflation-cost-americans/

[mystery-ak]

More

Price hikes and spending cooled last month, Fed’s preferred inflation gauge shows

By Alicia Wallace, CNN

Updated: 9:10 AM EST, Thu November 30, 2023

Source: CNN

The Commerce Department on Thursday delivered an early present to the Federal Reserve: The central bank’s favorite inflation gauge fell to its lowest level since the spring of 2021, and consumers lifted their foot off the gas pedal.

The core Personal Consumption Expenditures price index, which excludes volatile gas and food prices and is the Fed’s preferred inflation gauge, rose 0.2% last month and 3.5% for the year ended in October, according to data released Thursday.

That’s right in line with economists’ expectations.

The core PCE price index is at its lowest annual rate since April 2021, marking another step toward the Fed’s target of 2% inflation.

more
https://lite.cnn.com/2023/11/30/economy/pce-inflation-consumer-spending-october/index.html

[Wingnut]

Until Milk, Eggs, Meat and other food stuff actually fall in price you can take your inflation reports and shove em where Biden's shart dripping ass crack starts.

[GtHawk]

Awesome, eh? SS COLA increase for 2024 is 3.2%, of course medicare premiums went up$10 per month too, so glad to still be in the hole inflation wise....real inflation wise.  I wonder what the percent increase to migrants ILLEGALS is?

[catfish1957]

In less than a month, I will be preparing my to the cent budget for 2024.  This will give you a good indication of what inflation really looked like in 2023.