Topline
The Federal Reserve’s preferred inflation measurement rose more than expected in June, according to federal data released Thursday, raising questions about whether the agency will soon lower interest rates after deciding against a cut during its latest meeting.
Annual inflation was 2.8% in June, according to core personal consumption expenditures (PCE) price index data released Thursday by the Bureau of Economic Analysis, surpassing consensus economist forecasts of 2.7%, according to FactSet.
Core PCE inflation, the Fed’s favored gauge of price changes that excludes the more volatile food and energy markets, remained above the agency’s 2% target for the 52nd consecutive month.
Headline PCE inflation was 2.6%, an uptick of 0.3% from May, surpassing estimates of 2.5%.
This is a developing story.