The Federal Reserve’s preferred inflation gauge showed prices rose at a slower pace last month, indicating further progress in the central bank’s battle with higher prices.
The Personal Consumption Expenditures price index, or PCE, rose by 5% in December, compared to a year earlier, the Commerce Department reported Thursday.
In December alone, prices rose 0.1% from November.
Core PCE, which doesn’t include the more volatile food and energy categories, increased by 4.4% annually, down from November’s annual rate of 4.7%. On a monthly basis, it was up 0.3%.
Core PCE is the Fed’s favored inflation gauge as it provides a more complete picture of consumer costs and spending.
This story is developing and will be updated.
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