An inflation measure closely watched by the Federal Reserve ticked higher in August as steep prices continue to squeeze millions of U.S. households.
The personal consumption expenditures (PCE) index showed that consumer prices rose 0.4% from the previous month, according to the Labor Department. On an annual basis, prices climbed 3.6% — up from 3.3% recorded the previous month, underscoring the challenge of taming high inflation.
The figures were both in line with estimates from Refintiv economists.
COMMERCIAL REAL ESTATE CRASH STILL LOOMING OVER US ECONOMY
This is a developing story. Please check back for updates.
