(RTTNews) - The Commerce Department released a report on Thursday showing consumer prices in the U.S. increased by slightly less than expected in the month of April.
The report said the personal consumption expenditures (PCE) price index rose by 0.4 percent in April after climbing by 0.7 percent in March. Economists had expected prices to increase by 0.5 percent.
The Commerce Department also said the annual rate of growth by the PCE price index accelerated to 3.8 percent in April from 3.5 percent in March, in line with estimates.
Excluding food and energy prices, the core PCE price index crept up by 0.2 percent in April after rising by 0.3 percent in March. Core prices were expected to rise by another 0.3 percent.
The annual rate of growth by the core PCE price index ticked up to 3.3 percent in April from 3.2 percent, matching expectations.
The Federal Reserve's preferred readings on consumer price inflation were included in the Commerce Department's report on personal income and spending.
The report said personal income was virtually unchanged in April after climbing by 0.5 percent in March, while personal spending grew by 0.5 percent in April after jumping by 1.0 percent in March.
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