US Gov't Report: Inflation Slightly High Last July

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Aug 29 (KUNA) -- A report by US Bureau of Economic Analysis from the Department of Commerce said Friday that personal income and other expenditures are slightly high when compared with the same month one year ago, the Personal Consumption Expenditure (PCE) price index for July increased 2.6 percent.
The report added excluding food and energy, the PCE price index increased 2.9 percent from one year ago.
Personal income increased USD 112.3 billion (0.4 percent at a monthly rate) in July, according to estimates released Friday by the US Bureau of Economic Analysis.
Disposable personal income (DPI) personal income less personal current taxes, increased USD 93.9 billion (0.4 percent) and personal consumption expenditures (PCE) increased USD 108.9 billion (0.5 percent).
Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased USD 110.9 billion in July.
Personal saving was USD 985.6 billion in July and the personal saving rate personal saving as a percentage of disposable personal income was 4.4 percent.
The increase in current-dollar personal income in July primarily reflected an increase in compensation.
US Federal Reserve officials are closely monitoring inflation ahead of a possible interest rate cut next month. Friday's inflation reading will likely cause central bankers to focus even more on next week's jobs report. (end)
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