New inflation data shows that US prices were still uncomfortably high in September, despite aggressive moves by the Federal Reserve to rein in the highest inflation in decades.
The Personal Consumption Expenditures (PCE) Index, which measures the prices consumers pay for goods and services, rose 6.2% in the year to September. That hasn’t changed since August, according to the Commerce Department.
From August to September, prices rose 0.3%.
The “core” PCE index, which excludes volatile food and energy prices, rose 5.1% year over year, which is lower than consensus estimates of 5.2% but higher than the August 4 rate, 9%.
From August to September, the core index increased by 0.5%, matching estimates. The previous month’s jump was revised down to 0.5%. Initially it had been reported that it was at 0.6%.
The latest PCE figures are released just days before the Fed meets to discuss another rate hike, and as Americans go to the polls to vote in the midterm elections.