Economic Buzz: US consumer prices inch up 0.1% in April

Consumer prices in the U.S. crept slightly higher in the month of April, according to a closely watched report released by the Commerce Department on Friday.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in April after coming in unchanged in March.

The report also said the annual rate of growth by the PCE price index slowed to 2.1 percent in April from 2.3 percent in March.

Excluding prices for food and energy, the core PCE price index still crept up by 0.1 percent in April following a revised 0.1 percent uptick in March.

The annual rate of growth by the core PCE price index slowed to 2.5 percent in April from 2.7 percent in March, matching economist estimates.

The Federal Reserve's preferred readings on consumer price inflation were included in the Commerce Department's report on personal income and spending.

The Commerce Department said personal income increased by 0.8 percent in April after climbing by 0.7 percent in March.

The report also said personal spending rose by 0.2 percent in April after growing by 0.7 percent in March.

With income increasing by much more than spending, the personal savings rate jumped to 4.9 percent in April from 4.3 percent in March.

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