An inflation measure closely watched by the Federal Reserve inched higher in July as elevated prices continue to weigh on millions of Americans.
The Commerce Department reported Friday that the personal consumption expenditures price index rose 0.2% from the previous month. On an annual basis, prices climbed 2.5%. Those figures are mostly in line with expectations.
When excluding food and energy prices, which are more volatile, so-called core prices climbed 0.2% for the month and are up 2.6% when compared to the same time last year.
“Inflation still looks contained, and that’s good news for the economy and for investors looking ahead to lower interest rates,” said Chris Larkin, managing director of trading and investing at E*Trade.
This is a developing story. Please check back for updates.
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