Core inflation of personal consumption spending rises more than expected to 3.1% in April, the highest since 1994

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The April personal income and spending report from the United States, which includes important inflation data, showed generally higher than expected figures, although with no surprises in the direction.

The person incomel, which was expected to fall 14.1%, fell 13.1%, after the 20.9% rise in March (revised from 21.1%). For its part, personal spending increased 0.5%, in line with expectations.

With regard to inflation, the data most followed by the Fed, the underlying price index of personal consumption spending recorded an advance in April of 0.6%, higher than the 0.4% in March, and in line with expectations. The annual rate went from 1.9% to 3.1%, the highest level since 1994.

Before the report, the dollar had been rising strongly in the market, with its own strength and without being boosted by bond yields. After the report, the dollar it moderated the advance and retreated, cutting a small part of the recent gains. The most significant reversal occurred with metals that recovered significantly.

Later on Friday, the Chicago PMI index for May (1:45 p.m. GMT) and then the University of Michigan consumer sentiment index (14:00 GMT) will be released.

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