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. 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.
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