Market Updates
The PCE Price Index Eases in July
Brian Turner
26 Aug, 2022
New York City
A closely watched measure of inflation fell slightly in July and personal income and outlays increased at a slower pace.
Personal income and disposable personal income rose 0.2% in July, according to the Bureau of Economic Analysis report Friday.
Personal consumption expenditures price index increased at a slower pace of 6.3% in July after rising at 6.8% in June.
On a monthly basis, the index declined 0.1% from June.
Core PCE index, which excludes food and energy prices, rose 4.6% on an annual basis and increased 0.1% on a monthly basis.
Two weeks ago the U.S. Bureau of Labor Statistics reported that consumer price index in July rose at a slower pace of 8.5% from a year ago and was unchanged from June.
"Inflation is running well above 2%, and high inflation has continued to spread through the economy.
While the lower inflation readings for July are welcome, a single month's improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down." commented Chairman Powell during his prepared speech delivered at the Jackson Hole Economic Symposium Friday.
the PCE price index, the preferred measure, generally understates inflation pressures in the economy and assumes the product substitutions made by consumers to combat higher prices.
This alternative measure of inflation understates the broader inflation forces in the U.S. economy and accounts for lower living standards that inflation forces on consumers as the benchmark.
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