US Inflation Cools In May While Consumer Spending Rises Moderately
Date
6/28/2024 9:23:38 AM
(MENAFN- The Peninsula)
The Peninsula Online
Washington: U.S. prices were unchanged in May while consumer spending rose moderately, according to a Reuters report, in a trend that could draw the federal Reserve closer to start cutting interest rates this year.
The flat reading in the personal consumption expenditures (PCE) price index last month followed an unrevised 0.3% gain in April, the Commerce Department's Bureau of Economic Analysis said on Friday. In the 12 months through May, the PCE price index increased 2.6% after advancing 2.7% in April.
Economists polled by Reuters had forecast the PCE price index unchanged on the month and rising 2.6% year-on-year.
MENAFN28062024000063011010ID1108385218
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.