US PCE price index soars to highest level since 2023
The Core Personal Consumption Expenditures (PCE) price index in the US—the Federal Reserve's preferred inflation gauge—rose during May, according to data released on Thursday by the Bureau of Economic Analysis.
The core index, which excludes volatile food and energy prices, increased to 3.4% on an annual basis in May, marking its highest level since 2023.
The data also showed that US disposable personal income surged by $159.9 billion, while personal consumption expenditures expanded by $156.1 billion.
This implie that inflationary pressures persist in the US, which may push the Fed to raise interest rates to curb inflation, following the rise in energy prices caused by the war in the Middle East.
|
Changes in PCE Price Index (%) |
||||
|
Metric |
Estimates |
April |
May |
Change |
|
Annual Core Inflation |
3.4 |
3.3 |
3.4 |
+0.1 |
|
Monthly Core Inflation |
0.3 |
0.2 |
0.3 |
+0.1 |
|
Annual Headline Inflation |
4.1 |
3.8 |
4.1 |
+0.3 |
|
Monthly Headline Inflation |
0.5 |
0.4 |
0.4 |
- |
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