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Price hikes and spending cooled last month, Fed’s preferred inflation gauge shows

today 11/30/2023
According to data from the Commerce Department, inflation pressures decreased last month and consumer spending slowed down. The core Personal Consumption Expenditures price index, which excludes volatile gas and food prices, increased by 0.2% last month and 3.5% for the year ending in October, meeting economists' expectations. The core PCE price index is now at its lowest annual rate since April 2021, bringing the Federal Reserve closer to its 2% inflation target. Including gas and food prices, the overall PCE index remained unchanged last month and rose by 3% annually. The latest report from the Commerce Department also showed that consumer spending decreased in October, with expenditures increasing by only 0.2% compared to a 0.7% increase in September. This story is still developing and will be updated.
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