Market Updates
Core PCE Index Highlights Stubborn Elevated Inflation
Brian Turner
30 Sep, 2022
New York City
The hotter-than-expected inflation, the preferred measure by the Federal Reserve, was the second signal in as many days indicating that elevated inflation is here to stay despite the five rate hikes in six months.
The personal consumption expenditure price index rose 0.3% in August after falling 0.1% in July, Bureau of Economic Analysis said Friday.
On a monthly basis, prices for goods declined 0.3% and for services rose 0.6% in August. Energy prices declined 5.5% but food prices rose 0.8%.
The PCE price index, excluding food and energy, rose 0.6% on a monthly basis.
The PCE price index on an annual basis increased 6.2%, slower than 6.4% in July but still elevated and significantly ahead of Fed's target rate of 2%.
Core rate of inflation, excluding food and energy, rose 4.9% in August from a year ago and jumped 0.6% on a monthly basis.
The yield on 2-year Treasury notes held stable at 4.19%, 10-year Treasury notes edged down to 3.73% and 30-year bonds traded near 3.76%.
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