(RTTNews) - A closely watched report released by the Commerce Department on Wednesday showed consumer prices in the U.S. increased in line with estimates in the month of October.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in October, matching the uptick seen in September as well as economist estimates.
The annual rate of growth by the PCE price index accelerated to 2.3 percent in October from 2.1 percent in September, which was also in line with expectations.
Excluding food and energy prices, the core PCE price index climbed by 0.3 percent in October, matching the increase seen in September as well as economist estimates.
The annual rate of growth by the core PCE price index crept up to 2.8 percent in October from 2.7 percent in September, which was also in line with expectations.
The inflation readings, which are preferred by the Federal Reserve, were included in a report on personal income and spending.
The report said personal income climbed by 0.6 percent in October, while personal spending rose by 0.4 percent. Economists had expected both personal income and spending to increase by 0.3 percent.
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