WASHINGTON (dpa-AFX) - Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.
The annual rate of growth by the PCE price index in July came in unchanged from June at 2.6 percent, which was also in line with estimates.
Excluding food and energy prices, the core PCE price index rose by 0.3 percent in July, matching the increase seen in June as well as expectations.
The annual rate of growth by the core PCE price index ticked up to 2.9 in July from 2.8 percent in June. The slight acceleration also matched estimates.
The Federal Reserve's preferred readings on consumer price inflation were included in the Commerce Department's report on personal income and spending.
The report said personal income climbed by 0.4 percent in July after rising by 0.3 in June, while personal spending grew by 0.5 in July following a 0.4 percent increase in June.
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