The U.S. personal consumption expenditures (PCE) price index for June rose 3.7% from a year earlier. Compared with the previous month, it fell 0.1%.
The U.S. Department of Commerce released the June PCE price index on the 30th (local time).
The core PCE price index, excluding energy and food, rose 3.3% from the same month last year and 0.1% from the previous month.
The increases in both the overall PCE prices and core PCE prices generally matched market expectations compiled by Dow Jones. However, the month-over-month rise in the core index fell short of the 0.2% forecast by experts.
The PCE price index had widened its gains since February due to higher global oil prices stemming from the U.S.-Iran war. Recently, as oil prices have fallen, prices decreased from the previous month.
The PCE price index is an indicator that shows changes in the prices of goods and services purchased by U.S. household. The U.S. Federal Reserve (Fed) uses the PCE price index as a key gauge when assessing progress toward its 2% inflation target.