Higher gasoline prices forced Americans to spend more in August and pushed up the Federal Reserve’s main measure of inflation, providing more evidence that the path to lower inflation is unlikely to be a smooth one.
The personal consumption expenditure price index, which the Fed uses in its official inflation target of two percent and the publicly released projections of policymakers, rose by 0.4 percent, twice the pace of the prior month. The increase was in line with economist expectations.
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