The Fed’s go-to inflation gauge heated up again
CNN
The Federal Reserve’s preferred inflation gauge moved even higher in December, driven largely by rising energy prices as well as food. However, a closely watched measurement of underlying inflation trends indicated some progress in the fight to rein in price hikes.
The Federal Reserve’s preferred inflation gauge moved even higher in December, driven largely by rising energy prices as well as food. However, a closely watched measurement of underlying inflation trends indicated some progress in the fight to rein in price hikes. The Personal Consumption Expenditures price index rose 2.6% in December from the year before, heating up from November’s 2.4% increase, according to new Commerce Department data released Friday. On a monthly basis, prices rose 0.3% as compared to 0.1% in November. That acceleration was in line with economists’ expectations, which called for a 0.3% increase from November and a 2.6% annual gain, according to FactSet consensus estimates. The core PCE price index, which excludes the more volatile components of gas and food, hit expectations on the nose: It rose 0.2% from November and the annual rate of underlying inflation held pat at 2.8% for the third month in a row, according to the report. Inflation has cooled substantially since peaking in the summer of 2022, and that progress continued through 2024 to the point where an elusive “soft landing”— price stability without having the economy tank into a recession — remained achievable as Joe Biden wrapped up his presidency.
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