Summary:
The core PCE price index rose 2.8% YoY in January, indicating a shift towards services as the economy rebounds from COVID disruptions.
PCE price index Feb
29/3/2024 (Fri)
Previous: 2.8% Forecast: 2.8%
Core PCE price index increased 2.8% in January from a year earlier, reflected an ongoing shift to services over goods as the economy normalises from the Covid pandemic disruptions.
Both the headline and core measures remain ahead of the Fed’s goal for 2% annual inflation, even though the core reading on an annual basis was the lowest since Feb 2021.
Officials have said in recent days that they expect to begin reversing the increases at some point this year. However, the timing and extent of the policy easing is uncertain due to robust price growth.
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