The Federal Reserve’s favorite inflation measure cooled further in March, a sign that the central bank’s massive rate-hike campaign is taking hold
, according to new data released Friday by the Commerce Department. The Personal Consumption Expenditures price index rose 4.2% for the 12 months ended in March, down from an upwardly revised 5.1% in February. The closely watched core PCE index, where the more volatile components of food and energy are excluded, trended down as well — albeit far more moderately. The core PCE price index was up 4.6% for the year, a slight easing from the 4.7% growth rate notched in February.
On a monthly basis, the headline and core indexes grew 0.1% and 0.3%, respectively. In the month prior, both headline and core PCE indexes ticked up 0.3%. Economists were expecting the core PCE index to rise 0.3% from the month before and 4.5% for the 12 months ended in March, according to consensus estimates on Refinitiv. Consumer spending was flat in March, tailing off considerably from a January splurge. Economists expected spending to decline by 0.1% on a monthly basis.
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