The Federal Reserve’s preferred measure of inflation held steady at 2.5 per cent in the year to July, according to data released on Friday that paves the way for the US central bank to start cutting interest rates next month.
The personal consumption expenditures price index compared with economists’ expectations of a 2.6 per cent rise and June’s figure of 2.5 per cent. The Fed’s target for the headline PCE index is 2 per cent a year.
“Core” PCE — which strips out volatile food and energy costs — remained at 2.6 per cent, below the forecast 2.7 per cent.
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