Personal Consumption Price Expenditure Index Shows Largest Increase in Seven Months
According to the US Department of Commerce’s announcement on September 29, the personal consumption price expenditure index (PCE) experienced a 0.4% surge in August compared to the previous month. This growth can be attributed to the recent surge in gasoline prices, driven by soaring oil prices.
The considerable increase in the PCE index marks the highest rise in seven months, indicating an improving price situation overall. However, experts’ forecasts were not met as the core PCE price index, which excludes the volatile energy and food sectors, only saw a marginal 0.1% increase from the previous month.
Source: Getty Images Korea
▲ A grocery store in New York
The US Department of Commerce announced on the 29th local time that the personal consumption price expenditure index (PCE) in August rose 0.4% from the previous month.
This is the largest increase in seven months and is believed to be due to the recent increase in gasoline prices due to high oil prices.
The overall price situation appears to be improving.
The core PCE price index, which excludes highly volatile energy and food products, rose just 0.1% from the previous month, which was below experts’ forecasts.
(Photo = Getty Images Korea)
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