The Core PCE, which excludes food and energy, increased 2.9% from the same period last year.
The Personal Consumption Expenditures (PCE) Index, which is the Federal Reserve’s preferred gauge of inflation, rose 2.6% in July.
According to data from the Commerce Department, core PCE, which excludes food and energy, increased 2.9% from a year ago. It rose 0.3% over the previous month, similar to the rise in July, but higher than the 0.2% increase seen in May.
Both the PCE and core PCE figures were in line with analyst forecasts, according to a Morningstar report.
Consumer spending, adjusted for inflation, rose 0.5% in July, compared to a 0.3% increase in June. Personal income also saw an uptick in July, rising 0.4% compared to 0.3% in the previous month.
In absolute terms, personal income increased $112.3 billion in June, while disposable personal income rose $93.9 billion. Personal consumption expenditures increased $108.9 billion, while personal outlays increased $110.9 billion during the month.
Personal savings stood at $985.6 billion in July, while the personal saving rate was 4.4%.
Meanwhile, U.S. equities declined in Friday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.2%, while the Invesco QQQ Trust (QQQ) declined 0.37%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.
The iShares 7-10 Year Treasury Bond ETF (IEF) was down 0.14% at the time of writing.
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