Key Inflation Indicator Jumps Most In 30 Years

0
>>Follow Matzav On Whatsapp!<<

A key inflation indicator rose 3.5 percent in June from a year ago — its biggest year-over-year jump in 30 years — as costs continued to grow in the US economy just as it’s mounting a comeback from the pandemic, the feds said Friday.

It is the most since July 1991 that the Commerce Department’s core personal consumption expenditures index has risen over a 12-month period, but still came in lower than expected as concerns remain heightened over inflation throughout the economy.

Economists surveyed by Dow Jones expected to see the so-called core PCE index, which excludes food and energy costs, increase 3.6 percent.

The core index rose 0.4 percent from May, slower than the 0.5 percent increase seen from April to May and below the 0.6 percent increase expected by economists surveyed by Dow Jones, the Commerce Department reported.

The index tracks prices across a variety of goods and services and is considered a broader measure for inflation than the Labor Department’s Consumer Price Index, which rose 5.4 percent in June from a year ago.

Read more at NY Post.

{Matzav.com}


LEAVE A REPLY

Please enter your comment!
Please enter your name here