Friday, October 27, 2023

PCE Inflation Up 0.4% Month-over-Month; Up 3.4% Year-over-Year

Excluding food and energy up  0.3% MoM; up 3.7% YoY.

From the Bureau of Economic Analysis, October 27:

....Prices

From the preceding month, the PCE price index for September increased 0.4 percent (table 5). Prices for goods increased 0.2 percent and prices for services increased 0.5 percent. Food prices increased 0.3 percent and energy prices increased 1.7 percent. Excluding food and energy, the PCE price index increased 0.3 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.

From the same month one year ago, the PCE price index for September increased 3.4 percent (table 7). Prices for goods increased 0.9 percent and prices for services increased 4.7 percent. Food prices increased 2.7 percent and energy prices decreased by less than 0.1 percent. Excluding food and energy, the PCE price index increased 3.7 percent from one year ago.

Real PCE

The 0.4 percent increase in real PCE in September reflected an increase of 0.5 percent in spending on goods and an increase of 0.3 percent in spending on services (table 4). Within goods, the largest contributors to the increase were motor vehicles and parts (both new and used vehicles) and other nondurable goods (led by prescription drugs). Within services, the largest contributor to the increase was other services (led by international travel). Detailed information on monthly real PCE spending can be found on Table 2.4.6U....

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