Washington, D.C., September 30 (ANI): U.S. inflation, measured by the Personal Consumption Expenditures (PCE) price index, rose 3.4 percent in August from the same month a year ago, while consumer spending increased 0.9 percent during the month, according to the latest estimates released by the U.S. Bureau of Economic Analysis (BEA).
The PCE price index increased 0.3 percent from the preceding month in August. Excluding food and energy, the PCE price index increased 0.2 percent during the month.
BEA said, “From the preceding month, the PCE price index for August increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.2 percent.”
On a year-over-year basis, the PCE price index excluding food and energy increased 3.0 percent in August.
The data also highlighted that personal income increased by $66.6 billion, or 0.2 percent, at a monthly rate in August, according to BEA estimates.
Disposable personal income, which is personal income less personal current taxes, increased by $68.6 billion, or 0.3 percent, during the month.
The increase in personal income primarily reflected higher compensation and government social benefits, according to the BEA.
The BEA also shared that the rise in consumer spending was spread across both goods and services. Spending on goods increased by $114.1 billion, while spending on services rose by $76.7 billion during August.
Personal outlays, which include personal consumption expenditures, personal interest payments and personal current transfer payments, increased by $190.7 billion in August.
Personal saving stood at $990.2 billion, while the personal saving rate, which measures personal saving as a percentage of disposable personal income, was 4.1 percent.
The August data showed that consumer spending increased at a faster monthly rate than personal income. Personal consumption expenditures rose 0.9 percent, compared with a 0.2 percent increase in personal income and a 0.3 percent rise in disposable personal income.
The PCE price index also increased during the month, with the overall index rising 0.3 percent and the index excluding food and energy increasing 0.2 percent.
On an annual basis, overall PCE inflation stood at 3.4 percent, while the measure excluding food and energy was at 3.0 percent.
The latest figures provide a snapshot of U.S. household spending and income alongside price movements in August, with consumer spending recording a stronger increase than personal income during the month. (ANI)
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