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Federal Reserve inflation gauge up in July
Data from the U.S. Department of Commerce showed that the Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred measure of inflation, rose by 0.2% in July on a monthly basis, elevating the annual inflation rate to 3.7%. This increase was slightly higher than the Dow Jones forecast by 0.1 percentage points. Core inflation, which excludes food and energy prices and is considered a more accurate indicator of long-term price trends, grew by 0.2% monthly and 3.3% annually, in line with expectations. The Federal Reserve focuses on core inflation when making monetary policy decisions.
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