Annualized PCE inflation rate rises to 6.4% in August from prior month’s 6.2%
The numbers: A key gauge of U.S. inflation rose a mild 0.3% in August, as another sharp decline in gas prices helped to ease the financial stress on households and businesses. But prices are still going up at the fastest pace in 40 years.
In a more worrisome sign, another measure of inflation that omits volatile food and energy costs jumped 0.6% last month. That was above Wall Street’s 0.5% forecast for the so-called core PCE.Key details: The rate of inflation over the past year slowed a bit to 6.2% from 6.4% in the prior month. Unlike it’s better-known cousin, the consumer price index, the PCE gauge takes into account how consumers change their behavior in response to higher prices.
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