New inflation data shows that US prices were still uncomfortably high last month, despite aggressive action from the Federal Reserve to rein in decades-high inflation.
The Personal Consumption Expenditures Index, which measures prices paid by consumers for goods and services, climbed by by 0.3% from August to September but remained unchanged at 6.2% for the year.
Core PCE, which strips out volatile food and energy prices and is the Fed’s preferred measure of inflation, climbed by 5.1% on an annual basis, higher than the August rate of 4.9% but below the consensus estimate of 5.2%, per Refinitiv.
From August to September, the core index rose by 0.5%, matching estimates. The prior month’s jump was revised down to 0.5% from 0.6%.
The latest PCE numbers come just days before the central bank meets to discuss another rate hike — and as Americans hit the polls to vote in midterm elections.
This story is developing and will be updated.