Inflation ticked up to 3.3% in July in Fed’s preferred gauge

[mystery-ak]

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.

more
https://www.washingtonexaminer.com/policy/economy/inflation-ticked-up-to-3-3-in-july-in-feds-preferred-gauge

[LMAO]

This will take the wind out of the administrations “Inflation is dropping” sails

[Wingnut]

Oh I think everyone know that "official" number was pulled out off their arse's.  The average Joe knows what the real inflation number looks like every time the stop to shop and it wasn't 3.3 in july and it won't be that in august.

[Bigun]

This will take the wind out of the administrations “Inflation is dropping” sails

There was never any wind in those sails to begin with.

[DefiantMassRINO]

Groceries are still expensive.