(RTTNews) - Consumer prices in the U.S. increased in line with economist estimates in the month of January, according to a report released by the Commerce Department on Friday.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent in January after climbing by 0.4 in December. Economists had expected prices to rise by 0.3 percent.
The report also said the annual rate of growth by the PCE price index slipped to 2.8 percent in January from 2.9 percent in December. The annual rate of growth was expected to remain unchanged.
Excluding food and energy prices, the core PCE price index climbed by 0.4 percent in January, matching the increase seen in December as well as economist estimates.
Meanwhile, the annual rate of growth by the core PCE price index ticked up to 3.1 percent in January from 3.0 percent in December. Economists had the pace of growth to remain unchanged.
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 climbed by 0.4 percent in January after rising by 0.3 percent in December. Personal spending also increased by 0.4 percent in January, matching the growth seen in December.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
