(RTTNews) - Consumer prices in the U.S. increased in line with economist estimates in the month of March, according to a report released by the Commerce Department on Thursday.
The Commerce Department said its personal consumption expenditures (PCE) price index climbed by 0.7 percent in March after rising by 0.4 in February. Economists had expected prices to increase by 0.7 percent.
The report also said the annual rate of growth by the PCE price index accelerated to 3.5 percent in March from 2.8 percent in February. The faster pace of growth was also in line with estimates.
Excluding food and energy prices, the core PCE price index rose by 0.3 percent in March after climbing by 0.4 in February. Core prices were expected to rise by 0.3 percent.
Meanwhile, the annual rate of growth by the core PCE price index ticked up to 3.2 percent in March from 3.0 percent in February. Economists had the pace of growth to accelerate to 3.2 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 climbed by 0.6 percent in March after coming in unchanged in February, while personal spending jumped by 0.9 percent in March after growing by 0.6 percent in February.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
