Bidenflation higher in August than expected...CNBC
September 30, 2022 1:19 pm
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Inflation in August was stronger than expected despite the Federal Reserve's efforts to bring down prices, according to data Friday that the central bank follows closely.
The personal consumption expenditures price index excluding food and energy rose 0.6% for the month after being flat in July. That was faster than the 0.5% Dow Jones estimate and another indication that inflation is broadening.
The Fed generally favors core PCE as the broadest indicator of where prices are heading as it adjusts for consumer behavior. In the case of either core or headline, the data Friday from the Commerce Department shows inflation running well above the central bank's 2% long-run target.
All this with the Fed raising interest rates at a historic pace.
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