The Federal Reserve’s preferred gauge of inflation rose again in June, defying hopes that the price rally may have peaked, which could leave some room for the central bank to ease rate hikes in the coming months.
Specifically, the price index for personal consumption expenditures rose 1% in June from the previous month, with the structural index excluding food and energy rising 0.6%. The data beat analysts’ monthly expectations. up 0.9% and 0.5% respectively.
Since June 2021 the index has climbed 6.8%, after the previous month’s rise of 6.3% The latest reading is the highest since January 1982.
The structural index at the same time strengthened to 4.8% from 4.7%. Last February the index reached a 40-year high of 5.3%.
Source: Capital
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