According to data Friday, inflation in August was more substantial than expected despite the Federal Reserve’s efforts to bring down prices.
The personal consumption expenditures price index not including food and energy rose 0.6 percent for the month after being flat in July. That was faster than the 0.5 percent Dow Jones estimate and another indication that inflation is broadening.
Including gas and energy, headline PCE increased 0.3 percent in August, compared with a decline of 0.1 percent in July. It rose even with a sharp decline in gas prices that took the cost at the pump well below the nominal record above $5 a gallon earlier in the summer.
On a year-over-year basis, core PCE increased 4.9 percent, more than the 4.7 percent estimate and up from 4.7 percent compared the previous month.
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