US Personal Consumption Expenditures Price Index Up 6.3% YoY... Personal Income Rises 0.2% from Last Month

[Asia Economy Reporter Hwang Seoyul] Last month, the United States' Personal Consumption Expenditures (PCE) price index rose by 6.3% compared to the same period last year.

On the 26th (local time), the U.S. Department of Commerce announced that the July PCE price index increased by 6.3% year-over-year. In June, the index had risen 6.8% compared to the same period last year, marking a 40-year high, but it slightly slowed down again. Compared to the previous month, it fell by 0.1%.

The core PCE price index, which excludes food and energy, rose 4.6% year-over-year. This was lower than Wall Street's forecast of 4.7%. The core PCE price index is known as the most accurate inflation indicator used by the U.S. Federal Reserve (Fed) when deciding interest rate policies.

Also released on the same day, July personal income increased by 0.2% compared to the previous month, which was lower than the forecast of 0.6%.