(RTTNews) - A highly anticipated report released by the Commerce Department on Friday showed consumer prices in the U.S. increased by slightly more than expected in the month of December.
The Commerce Department said its personal consumption expenditures (PCE) price index climbed by 0.4 percent in December after inching up by 0.2 percent in November. Economists had expected prices to rise by 0.3 percent.
The report also said the PCE price index in December was up by 2.9 percent compared to the same month a year ago, reflecting an uptick from 2.8 percent in November. The annual rate of growth was expected to remain unchanged.
Excluding food and energy prices, the core PCE price index still increased by 0.4 percent in December after rising by 0.2 percent in November. Core prices were expected to grow by 0.3 percent.
The annual rate of growth by the core PCE price index accelerated to 3.0 percent in December from 2.8 percent in November. Economists had the pace of growth to inch up to 2.9 percent.
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 rose by 0.3 percent in December after climbing by 0.4 percent in November, while personal spending grew by 0.4 percent in December, matching the increase seen in November.
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