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© Provided by Xinhua The annual rate of the core PCE in June was the lowest since September 2021, but still well above the Fed’s inflation target of 2 percent.NEW YORK, July 28 (Xinhua) — U.S. personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose 3 percent in June over the past year, the Commerce Department reported on Friday.That was the smallest annual gain since March 2021.The figure came after a 3.8-percent surge in May year on year, showing the latest sign that inflation continued to cool off.On a monthly basis, the PCE price index ticked up 0.2 percent last month after a 0.1-percent increase in May, according to the report.The core PCE index, which strips out volatile energy and food prices, rose 4.1 percent in June from a year ago, down from a 4.6-percent increase in May.The annual rate of the core PCE in June was the lowest since September 2021, but still well above the Fed’s inflation target of 2 percent.Fed officials follow the PCE index closely as it adjusts for changing behavior from consumers and provides a different look at price trends than the consumer price index (CPI).
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