. 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. On a month-to-month basis, prices for goods decreased 0.7% and prices for services increased 0.5%, according to the PCE price index for December. Within those categories, food prices increased 0.2% and energy prices decreased 5.1%.
Core PCE, which is now at its lowest level since October 2021, is the Fed’s favored inflation gauge as it provides a more complete picture of consumer costs and spending. The data showed that Americans pulled back in December, with spending falling by 0.2% from the month before. Personal income rose 0.2% last month, the smallest increase since April. Through much of 2022, consumer spending remained robust in spite of high inflation, rising interest rates, and simmering recession fears.
The Fed has list the battle and the war seven times now. The price increases are stabilizing on their own. It is only natural. And their efforts to precipitate layoffs and decrease productivity (recession) are not acceptable to the economy.
Softest landing
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Stock market news today: Fed's preferred inflation gauge cools furtherUS stocks trade mixed as the Fed's preferred inflation gauge shows further cooling
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