Economic Buzz: US PCE data shows rise of 3.7% on year in July

The personal consumption expenditures price index, which the Fed uses as its preferred forecasting tool, increased a seasonally adjusted 0.2% for the month of July, putting the annual inflation rate at 3.7%, the Commerce Department reported Wednesday. Leaving out volatile food and energy costs, core PCE posted respective gains of 0.2% and 3.3%. The data also showed that personal income rose 0.4% while spending increased 0.2%.

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