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WASHINGTON, Oct 27 - U.S. consumer spending increased more than expected in September, keeping it on a higher growth path heading into the fourth quarter, while monthly inflation was elevated.
Economists polled by Reuters had forecast spending gaining 0.5%. The data was included in the advance gross domestic product report for the third quarter published on Thursday, which showed consumer spending accelerating sharply, contributing to the fastest pace of economic growth in nearly two years.
But the resumption of student loan repayments in October by millions of Americans could pressure household budgets and sap momentum. Low income household are believed to have exhausted their excess savings and some are relying on debt to fund purchases, made expensive by higher borrowing costs. The personal consumption expenditures price index gained 0.4% in September after increasing by the same margin in August. In the 12 months through September, the PCE price index advanced 3.4%, matching August's rise.
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