The prices of goods and services purchased by U.S. consumers rose at a faster rate in August compared with July, data from the Bureau of Economic Analysis showed Friday.
The personal consumption expenditure price index rose by three-tenths of a percentage point in August after declining one-tenth of a point in July. Core PCE prices, which exclude food and energy, rose 0.6 percent after a flat July. That matches the two-decade high hit June.
Compared to a year ago, PCE prices are up 6.2 percent. That is slightly below the year-over-year figure of 6.4 percent in July. Core PCE prices up 4.9 percent year-over-year, up from 4.7 percent in July. Another measure, called market-based PCE is based on household expenditures for which there are observable price measures. It excludes most imputed transactions and the spending by nonprofit institutions serving households. This rose 0.2 percent in August, up from flat in July. Excluding food and energy, market-based PCE was up 0.5 percent, up from 0.2 percent in August. Compared with a year ago, market-based PCE is up 6.7 percent, down from 6.
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